Sast 2007-2 FWP Free writing prospectus

Filed pursuant to Rule 433

Registration Statement No. 333-131712-05

April 27, 2007

SUBJECT TO REVISION

FREE WRITING PROSPECTUS DATED [April 16, 2007]

$828,036,000 (Approximate)

SAXON ASSET SECURITIES TRUST 2007-2

MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 2007-2

SAXON ASSET SECURITIES COMPANY

Depositor

SAXON FUNDING MANAGEMENT, LLC

Seller

SAXON MORTGAGE SERVICES, INC.

Servicer

April 16, 2007

IMPORTANT NOTICE REGARDING THE CONDITIONS

FOR THIS OFFERING OF ASSET-BACKED SECURITIES

The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuing entity nor the underwriter will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery.

IMPORTANT INFORMATION AND IRS CIRCULAR 230 NOTICE

This material has been prepared for information purposes to support the promotion or marketing of the transaction or matters addressed herein. This is not a research report and was not prepared by the Morgan Stanley research department. It was prepared by Morgan Stanley sales, trading, banking or other non-research personnel. This material was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Past performance is not necessarily a guide to future performance. Please see additional important information and qualifications at the end of this material.

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the depositor or any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-718-1649.

The registration statement referred to above (including the prospectus) is incorporated in this free writing prospectus by reference and may be accessed by clicking on the following hyperlink:http://www.sec.gov/Archives/edgar/data/1014299/000114420406012322/v038904_s3-a.htm

IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of this e-mail or at the bottom of the e-mail communication to which this material may have beenattached are not applicable to these materials and should be disregarded.  Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another email system.

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

$828,036,000 (Approximate)

Saxon Asset Securities Trust 2007-2

Subject to a +/- 10% Variance

Class(1, 3, 4)

Certificate Principal Balance ($) (1)

Certificate Type

Expected Rating (Moody’s/S&P)

WAL (Yrs) Call/Mat (2) (3)

Prin Window (Mths) to Call/Mat (2) (3)

Initial Subordination Level

Stated Final Maturity (5)

Class A-1

193,955,000

SEN-FLT

Aaa/AAA

Not Offered Hereby

Class A-2a

231,670,000

SEN-FLT

Aaa/AAA

0.80 / 0.80

1-20 / 1-20

23.70

%

5/2037

Class A-2b

79,450,000

SEN-FLT

Aaa/AAA

2.00 / 2.00

20-29 / 20-29

23.70

%

5/2037

Class A-2c

97,225,000

SEN-FLT

Aaa/AAA

3.50 / 3.50

29-66 / 29-66

23.70

%

5/2037

Class A-2d

62,045,000

SEN-FLT

Aaa/AAA

7.00 / 8.51

66-91 / 66-202

23.70

%

5/2037

Class M-1

32,651,000

MEZ-FLT

Aa1/AA+

5.18 / 5.75

43-91 / 43-177

19.95

%

5/2037

Class M-2

30,039,000

MEZ-FLT

Aa2/AA

5.13 / 5.68

41-91 / 41-171

16.50

%

5/2037

Class M-3

18,285,000

MEZ-FLT

Aa3/AA-

5.10 / 5.63

40-91 / 40-164

14.40

%

5/2037

Class M-4

16,108,000

MEZ-FLT

A1/A+

5.08 / 5.60

40-91 / 40-158

12.55

%

5/2037

Class M-5

15,237,000

MEZ-FLT

A2/A

5.06 / 5.57

39-91 / 39-153

10.80

%

5/2037

Class M-6

13,931,000

MEZ-FLT

A3/A-

5.06 / 5.54

39-91 / 39-147

9.20

%

5/2037

Class B-1

13,931,000

SUB-FLT

Baa1/BBB+

Class B-2

12,190,000

SUB-FLT

Baa2/BBB

Not Offered Hereby

Class B-3

11,319,000

SUB-FLT

Baa3/BBB-

Total:

828,036,000

(1)   Class sizes are subject to a permitted variance in the aggregate of +/-10%. Class sizes are also subject to change based upon the final pool and rating agency evaluation of subordination and overcollateralization levels and excess spread.

(2)   See “Pricing Prepayment Speed” herein.

(3)   The Certificates are subject to a 10% Clean-up Call (as described herein). After the first Distribution Date on which the Clean-up Call is exercisable, the margins on the Class A-1, Class A-2a, Class A-2b, Class A-2c and Class A-2d Certificates will increase to 2.0 times their respective initial margins and the margins on the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates will increase to 1.5 times their respective initial margins.

(4)   All Certificates are subject to the available funds cap rate (as described herein).

(5)   The Stated Final Maturity is calculated as one month past the latest maturing thirty-year mortgage loan.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 2

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Summary of Terms

Issuing Entity or the Trust:	Saxon Asset Securities Trust 2007-2, a New York common law trust
Sponsor and Seller:	Saxon Funding Management, LLC
Depositor:	Saxon Asset Securities Company
Servicer:	Saxon Mortgage Services, Inc.
Trustee:	Deutsche Bank National Trust Company
Swap and Cap Counterparty:	Morgan Stanley Capital Services Inc.
Manager:	Morgan Stanley & Co. Incorporated
The Offered Certificates:	The Class A-2 and Class M Certificates
The Non-Offered Certificates:	The Class A-1, Class B, Class OC, Class P and Class R Certificates
Class A Certificates:	The Class A-1 and Class A-2 Certificates (“Senior Certificates”)
Class A-1 Certificates:	The Class A-1 Certificates
Class A-2 Certificates:	The Class A-2a, Class A-2b, Class A-2c and Class A-2d Certificates
LIBOR Certificates:	The Class A, Class M and Class B Certificates
Class M Certificates:	The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class M-6 Certificates
Class B Certificates:	The Class B-1, Class B-2 and Class B-3 Certificates
Subordinate Certificates:	The Class M and Class B Certificates
Rating Agencies:	Moody’s Investor Services, Inc. (“Moody’s”) and Standard and Poor’s Ratings Services (“S&P”), a division of The McGraw-Hill Companies, Inc.
Registration:	The Certificates will be available in book-entry form through DTC and upon request through Clearstream, Luxembourg and the Euroclear System.
Cut-off Date:	April 1, 2007
Expected Closing Date:	On or about April 30, 2007
Distribution Dates:	Payment of principal and interest on the Certificates will be made on the 25th day of each month or, if such day is not a business day, on the first business day thereafter, commencing in May 2007.
Interest Accrual Period:	The “Interest Accrual Period” for the Certificates with respect to any Distribution Date will be the period beginning with the previous Distribution Date (or, in the case of the first Distribution Date, the Closing Date) and ending on the day prior to such Distribution Date (on an actual/360 basis).
Due Date:	The “Due Date” related to substantially all of the mortgage loans and Distribution Date will be the first day of the month in which such Distribution Date occurs.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 3

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Record Date:	For the LIBOR Certificates and any Distribution Date, the business day immediately preceding that Distribution Date, or if the LIBOR Certificates are no longer book-entry certificates, the last business day of the calendar month preceding the month of that Distribution Date.
Due Period:	A “Due Period” with respect to any Distribution Date is the period commencing on the second day of the month preceding the month in which such Distribution Date occurs and ending on the first day of the month in which such Distribution Date occurs.
The Mortgage Loans:	As of the Cut-off Date, the Mortgage Loans consist of 4,257 fixed-rate and adjustable-rate residential, first and second lien mortgage loans. The aggregate principal balance of the Mortgage Loans as of the Cut-off Date will be approximately $870,703,726.
Group 1 Mortgage Loans:	As of the Cut-off Date, the aggregate principal balance of the Group 1 Mortgage Loans was approximately $254,203,220 of first and second lien, conforming balance, fixed-rate and adjustable-rate mortgage loans.
Group 2 Mortgage Loans:	As of the Cut-off Date, the aggregate principal balance of the Group 2 Mortgage Loans was approximately $616,500,506 of first and second lien, conforming and non-conforming balance, fixed-rate and adjustable-rate mortgage loans.
Pricing Prepayment Speed:	The Certificates were priced based on the following collateral prepayment assumptions: 100% PPC for the Fixed Rate Mortgage Loans (100% PPC for the Fixed Rate Mortgage Loans assumes 4% CPR in the first month of life of the mortgage loan increasing to 23% CPR over 15 months (19%/15 increase for each month) and remaining constant at 23% CPR from month 16 and thereafter) 100% PPC for the Adjustable Rate Mortgage Loans (100% PPC for the Adjustable Rate Mortgage Loans assumes 28% CPR)

Optional Purchase Date:

At its option, the Servicer may, on any Distribution Date when the aggregate principal balance of the Mortgage Loans is an amount less than or equal to 10% of the stated principal balance of the Mortgage Loans as of the Cut-off Date, purchase from the trust fund all remaining Mortgage Loans, in whole only, and other property acquired by foreclosure, deed in lieu of foreclosure or otherwise then constituting the Mortgage Loans at a price generally equal to 100% of the aggregate principal balance.

Servicing Fee:

The “Servicing Fee” applicable to each mortgage loan, and with respect to each Distribution Date, equals the scheduled principal balance of such mortgage loan, on the first day of the month preceding such Distribution Date, multiplied by one-twelfth of approximately 0.50% per annum.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 4

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Available Distribution Amount:	The “Available Distribution Amount” for any Distribution Date will equal the sum of the following amounts: (1) the total amount of all cash received by or on behalf of the Servicer with respect to the Mortgage Loans serviced by it and received by the Trustee by the related servicer remittance date and not previously distributed (including Liquidation Proceeds, condemnation proceeds and insurance proceeds), except: · all scheduled payments of principal and related interest collected but due on a date after the related Due Date; · all partial principal prepayments received after the related Prepayment Period, together with all related interest accrued on such mortgage loans; · all prepayment penalties received; · all prepayments in full received after the related Prepayment Period, together with all related interest accrued on such mortgage loans; · Liquidation Proceeds, condemnation proceeds and insurance proceeds received on such Mortgage Loans after the previous calendar month; · all amounts reimbursable to the Servicer pursuant to the terms of the Pooling and Servicing Agreement, or of the Trustee and/or the Custodian pursuant to the terms of the pooling and servicing agreement or the custody agreement, in each case; · reinvestment income on the balance of funds, if any, in the custodial account or distribution account; and · any fees payable to the Servicer, in each case with respect to the Mortgage Loans (2) all Monthly Advances on the Mortgage Loans made by the Servicer for that Distribution Date; (3) any amounts paid as Compensating Interest with respect to the Mortgage Loans by the Servicer for that Distribution Date; (4) the total amount of any cash deposited in the distribution account in connection with the repurchase of any mortgage loans by the Seller or the Depositor pursuant to the Pooling and Servicing Agreement or the Mortgage Loan Purchase Agreement or the related Originator pursuant to the related Assignment Agreement; and (5) all Subsequent Recoveries received with respect to the Mortgage Loans during the related Prepayment Period.
Interest Remittance Amount:	For any Distribution Date, the portion of the Available Distribution Amount for such Distribution Date attributable to interest received or advanced on the Mortgage Loans.
Unpaid Interest Shortfalls:	For any class of certificates and Distribution Date the sum of interest shortfalls as a result of the Relief Act and Net Prepayment Interest Shortfalls on the Mortgage Loans allocated to such class of certificates on that distribution date and such amounts from any prior Distribution Date remaining unpaid and interest on such amount.
Compensating Interest:	As of any Distribution Date, an amount payable by the Servicer, as the case may be, equal to the lesser of (i) prepayment interest shortfalls for such date in respect of any prepayments in full and (ii) the Servicing Fee for such date.
Prepayment Period:	The “Prepayment Period” for any Distribution Date is the period beginning on the day after the Determination Date in the month immediately preceding the month in which the Distribution Date occurs (or in the case of the first Distribution Date, the Cut-off Date) and ending on the determination date of the month in which such Distribution Date occurs.
Determination Date:	For each Distribution Date, the seventeenth day of the month, or if such day is not a business day, the immediately preceding business day.
Liquidated Mortgage Loan:	A “Liquidated Mortgage Loan” is a mortgage loan as to which the Servicer has determined that all amounts which it expects to recover from or on account of such mortgage loan, whether from insurance proceeds, Liquidation Proceeds or otherwise, have been recovered.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 5

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Liquidation Proceeds	Amounts received by the Servicer in connection with the liquidation of a defaulted Mortgage Loan whether through foreclosure or otherwise, other than insurance proceeds or any Subsequent Recoveries.
Realized Loss:	“Realized Loss” with respect to any Distribution Date and any Mortgage Loan that became a Liquidated Mortgage Loan during the related Prepayment Period will be the sum of (i) the principal balance of such Mortgage Loan remaining outstanding (after all recoveries of principal have been applied thereto) and the principal portion of Advances made by the Servicer with respect to such Mortgage Loan which have been reimbursed from Liquidation Proceeds and (ii) the accrued interest on such Mortgage Loan remaining unpaid and the interest portion of Advances made by the Servicer with respect to such Mortgage Loan which have been reimbursed from Liquidation Proceeds. The amounts set forth in clause (i) are the principal portion of Realized Losses and the amounts set forth in clause (ii) are the interest portion of Realized Losses. With respect to any Mortgage Loan that is not a Liquidated Mortgage Loan, the amount of any Debt Service Reduction or Deficient Valuation incurred with respect to such Mortgage Loan as of the related Due Date will be treated as a Realized Loss.
Class Principal Balance:	The “Class Principal Balance” of any class of certificates as of any Distribution Date is the initial Class Principal Balance of the class listed on page 2 of this preliminary termsheet reduced by the sum of (i) all amounts previously distributed to holders of certificates on the class as payments of principal, and (ii) with respect to the Subordinate Certificates, the amount of Realized Losses on the Mortgage Loans allocated to the class.
Credit Enhancement:	The LIBOR Certificates are credit enhanced by: 1)  Net Monthly Excess Cashflow from the Mortgage Loans after taking into account certain payments received or paid by the trust pursuant to the interest rate swap agreement, 2)  4.90% overcollateralization (funded upfront). On and after the Stepdown Date, so long as a Trigger Event is not in effect, the required overcollateralization will equal 9.80% of the aggregate principal balance of the Mortgage Loans as of the last day of the applicable Due Period, subject to an Overcollateralization Floor, and 3 ) Subordination of distributions on the more subordinate classes of certificates (if applicable) and the Class OC Certificates to the required distributions on the more senior classes of certificates. The amount by which the aggregate stated principal balance of the Mortgage Loans is greater than the aggregate Class Principal Balance of the LIBOR Certificates is referred to as “overcollateralization.” On the closing date the aggregate stated principal balance of the mortgage loans is expected to exceed the aggregate Class Principal Balance of the LIBOR Certificates by approximately $42,667,726. In other words, it is expected that there will be approximately 4.90% overcollateralization as of the Closing Date. In addition, the Mortgage Loans are expected to generate more interest than is needed to pay interest on the LIBOR Certificates and related expenses of the trust fund because the weighted average interest rate of the Mortgage Loans is expected to be higher than the weighted average pass-through rate on the LIBOR Certificates, plus the related weighted average expense fee rate and any net swap payments. Net Monthly Excess Cashflow, as described below, will be used to reduce the total Class Principal Balance of the LIBOR Certificates thus creating and/or maintaining overcollateralization at the level of overcollateralization required by the pooling and servicing agreement.
Overcollateralization Floor:	The “Overcollateralization Floor” prior to the Distribution Date in May 2027 will be equal to 0.50% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date. On that date and thereafter, the Overcollateralization Floor will be equal to the greater of (i) 0.50% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date, and (ii) the sum of (a) 0.10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date and (b) the aggregate principal balance, as of the last day of the related Due Period, of all outstanding mortgage loans having original terms to maturity of 40 years.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 6

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Senior Enhancement Percentage:	For any Distribution Date, the percentage obtained by dividing (x) the aggregate Class Principal Balance of the Subordinate Certificates (together with any overcollateralization and taking into account the distributions of the Principal Distribution Amount and all payments of principal from the Swap Account, if any, for such Distribution Date) by (y) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period.
Class M-1 Enhancement Percentage:	For any Distribution Date, the percentage obtained by dividing (x) the aggregate Class Principal Balance of the Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class B Certificates (together with any overcollateralization and taking into account the distributions of the Principal Distribution Amount and all payments of principal from the Swap Account, if any, for such Distribution Date) by (y) the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period.
Interest Distribution Amount:	With respect to any class of LIBOR Certificates and any Distribution Date, interest accrued during the related Interest Accrual Period on the related Class Principal Balance of that class immediately prior to the Distribution Date at the Pass-Through Rate for that class reduced (to an amount not less than zero), in the case of such class, by the allocable share, if any, for that class of Prepayment Interest Shortfalls to the extent not covered by Compensating Interest paid by the Servicer and any Relief Act Interest Shortfalls.
Principal Remittance Amount:	The “Principal Remittance Amount” for the LIBOR Certificates and any Distribution Date will be the sum of: (i) the principal portion of all scheduled monthly payments on the Mortgage Loans due during the related Due Period, whether or not received on or prior to the related Determination Date; (ii) the principal portion of all proceeds received in respect of the repurchase of a Mortgage Loan (or, in the case of a substitution, certain amounts representing a principal adjustment as required by the pooling and servicing agreement) during the related Prepayment Period; and (iii) the principal portion of all other unscheduled collections, including insurance proceeds, condemnation proceeds, liquidation proceeds and all full and partial principal prepayments, received during the related Prepayment Period, to the extent applied as recoveries of principal on the Mortgage Loans. In no event will the Principal Remittance Amount with respect to any Distribution Date be (x) less than zero or (y) greater than the then outstanding aggregate Class Principal Balance of the LIBOR Certificates.
Stepdown Date:	The later to occur of: (x)  The earlier of: (a)The Distribution Date occurring in May 2010; and (b)The Distribution Date following the Distribution Date on which the aggregate Class Principal                  Balance of the Class A Certificates is reduced to zero; and (y)   The first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose only                  after taking into account payments of principal on the Mortgage Loans on the last day of the related Due Period but prior to principal distributions to the Certificates on the applicable Distribution Date) is greater than or equal to approximately 47.40%.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 7

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Delinquency Trigger Event:	A Delinquency Trigger Event is in effect on any Distribution Date if on that Distribution Date the Three Month Rolling Average equals or exceeds the applicable percentage set forth below of the prior period’s Senior Enhancement Percentage or Class M-1 Enhancement Percentage as applicable. The Three Month Rolling Average will equal the rolling 3 month average percentage of the aggregate stated principal balance of the Mortgage Loans that are 60 or more days delinquent (including mortgage loans in foreclosure and REO Properties).
	Senior Certificates remain outstanding		32.65% of the Senior Enhancement Percentage
	On and after Senior Certificates pays off		38.83% of the Class M-1 Enhancement Percentage
Cumulative Loss Trigger Event:	A Cumulative Loss Trigger Event is in effect on any Distribution Date if the aggregate amount of Realized Losses on the Mortgage Loans incurred since the Cut-off Date through the last day of the related Due Period divided by the aggregate stated principal balance of the Mortgage Loans as of the Cut-off Date exceeds the applicable percentages described below with respect to such distribution date:
	Months 25 - 36	1.60% for the first month, plus an additional 1/12th of 1.95% for each month thereafter
	Months 37 - 48	3.55% for the first month, plus an additional 1/12th of 2.10% for each month thereafter
	Months 49 - 60	5.65% for the first month, plus an additional 1/12th of 1.65% for each month thereafter
	Months 61 - 72	7.30% for the first month, plus an additional 1/12th of 0.95% for each month thereafter
	Months 73 - 84	8.25% for the first month, plus an additional 1/12th of 0.10% for each month thereafter
	Months 85 and thereafter	8.35%
Step-up Coupons:	For all LIBOR Certificates the coupon will increase after the earliest Optional Purchase Date, should the call not be exercised. The applicable fixed margin will increase to 2.0 times their respective initial margins on the Class A Certificates and to 1.5 times their respective initial margins on the Subordinate Certificates after the earliest Optional Purchase Date.
Class A-1 Pass-Through Rate:	The Class A-1 Certificates will accrue interest at a variable rate equal to the least of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date), (ii) the Group 1 Net WAC Cap and (iii) the Net WAC Cap.
Class A-2 Pass-Through Rate:	The Class A-2a, A-2b, A-2c and A-2d Certificates will accrue interest at a variable rate equal to the least of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date), (ii) the Group 2 Net WAC Cap and (iii) the Net WAC Cap.
Class M-1 Pass-Through Rate:	The Class M-1 Certificates will accrue interest at a variable rate equal to the lesser of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date) and (ii) the Net WAC Cap.
Class M-2 Pass-Through Rate:	The Class M-2 Certificates will accrue interest at a variable rate equal to the lesser of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date) and (ii) the Net WAC Cap.
Class M-3 Pass-Through Rate:	The Class M-3 Certificates will accrue interest at a variable rate equal to the lesser of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date) and (ii) the Net WAC Cap.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 8

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Class M-4 Pass-Through Rate:	The Class M-4 Certificates will accrue interest at a variable rate equal to the lesser of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date) and (ii) the Net WAC Cap.
Class M-5 Pass-Through Rate:	The Class M-5 Certificates will accrue interest at a variable rate equal to the lesser of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date) and (ii) the Net WAC Cap.
Class M-6 Pass-Through Rate:	The Class M-6 Certificates will accrue interest at a variable rate equal to the lesser of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date) and (ii) the Net WAC Cap.
Class B-1 Pass-Through Rate:	The Class B-1 Certificates will accrue interest at a variable rate equal to the lesser of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date) and (ii) the Net WAC Cap.
Class B-2 Pass-Through Rate:	The Class B-2 Certificates will accrue interest at a variable rate equal to the lesser of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date) and (ii) the Net WAC Cap.
Class B-3 Pass-Through Rate:	The Class B-3 Certificates will accrue interest at a variable rate equal to the lesser of (i) one-month LIBOR plus [] bps ([] bps after the earliest Optional Purchase Date) and (ii) the Net WAC Cap.
Net WAC Cap:	For any Distribution Date, the weighted average of the interest rates for each Mortgage Loan (in each case, less the applicable expense fee rate) then in effect at the beginning of the related Due Period less the Swap Payment Rate, adjusted, in each case, to accrue on the basis of a 360-day year and the actual number of days in the related Interest Accrual Period.
Group 1 Net WAC Cap:	For any Distribution Date, the weighted average of the interest rates for each Group 1 Mortgage Loan (in each case, less the applicable expense fee rate) then in effect at the beginning of the related Due Period less the Swap Payment Rate, adjusted, in each case, to accrue on the basis of a 360-day year and the actual number of days in the related Interest Accrual Period.
Group 2 Net WAC Cap:	For any Distribution Date, the weighted average of the interest rates for each Group 2 Mortgage Loan (in each case, less the applicable expense fee rate) then in effect at the beginning of the related Due Period less the Swap Payment Rate, adjusted, in each case, to accrue on the basis of a 360-day year and the actual number of days in the related Interest Accrual Period.
Interest Rate Cap:	Beginning on the first Distribution Date, and for a period of 10 months thereafter, an Interest Rate Cap will be entered into by the Trust for the benefit of the LIBOR Certificates. For its duration, on each applicable Distribution Date, the Interest Rate Cap Counterparty will pay to the Issuing Entity the product of (i) the excess, if any, of the then current one-month LIBOR rate over the cap strike rate (on an Actual/360 day count basis) for such Distribution Date as described on Schedule B and (ii) the Interest Rate Cap Notional Balance for such Distribution Date as described on Schedule B.
Interest Rate Cap Payment Allocation:	Any payments from the Interest Rate Cap shall be available to pay any Basis Risk Carry Forward Amounts and any Interest Carry Forward Amounts due to the Certificates first pro rata by outstanding class principal balance and then pro rata by any Basis Risk Carry Forward Amounts and any Interest Carry Forward Amounts remaining outstanding before giving effect to the Allocation of Net Monthly Excess Cashflow.
Swap Payment Rate:	For any Distribution Date, a fraction, the numerator of which is any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (other than any Defaulted Swap Termination Payment) for such Distribution Date and the denominator of which is the stated principal balance of the Mortgage Loans at the beginning of the related due period, multiplied by 12.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 9

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Replacement Swap Counterparty Payment	Any payments received by the Issuing Entity with respect to the interest rate swap agreement as a result of entering into a replacement interest rate swap agreement following an additional termination event resulting from a ratings downgrade of the Swap Counterparty in accordance with the terms of the interest rate swap agreement.
Swap Termination Payment	A termination payment required to be made by either the Supplemental Interest Trust or the Swap Counterparty pursuant to the interest rate swap agreement as a result of termination of the interest rate swap agreement.
Class A-1 Basis Risk Carry Forward Amount:	As to any Distribution Date, the Basis Risk Carry Forward Amount for the Class A-1 Certificates will equal the sum of: (i)The excess, if any, of interest that would otherwise be due to such class at the Class A-1 Pass-Through Rate (without regard to the Net WAC Cap or the Group 1 Net WAC Cap) over interest due to such certificates at a rate equal to the lesser of the Group 1 Net WAC Cap or the Net WAC Cap; (ii)Any Class A-1 Basis Risk Carry Forward Amount remaining unpaid from prior Distribution Dates; and (iii)Interest on the amount in clause (ii) at the Class A-1 Pass-Through Rate (without regard to the Net WAC Cap or the Group 1 Net WAC Cap).
Class A-2 Basis Risk Carry Forward Amount:	As to any Distribution Date, the Basis Risk Carry Forward Amount for each of the Class A-2 Certificates will equal the sum of: (i)The excess, if any, of interest that would otherwise be due to such class at “the Class A-2” Pass-Through Rate (without regard to the Net WAC Cap or the Group 2 Net WAC Cap) over interest due to such class at a rate equal to the lesser of the Group 2 Net WAC Cap or the Net WAC Cap; (ii)Any Class A-2 Basis Risk Carry Forward Amount remaining unpaid for such Certificate from prior Distribution Dates; and (iii)Interest on the amount in clause (ii) at the Class A-2 Pass-Through Rate (without regard to the Net WAC Cap or the Group 2 Net WAC Cap).
Class M-1, M-2, M-3, M-4, M-5, M-6, B-1, B-2 and B-3 Basis Risk Carry Forward Amounts:	As to any Distribution Date, the Basis Risk Carry Forward Amount for each of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates will equal the sum of: (i)The excess, if any, of interest that would otherwise be due to such class at such class’ applicable Pass-Through Rate (without regard to the Net WAC Cap) over interest due to such class at a rate equal to the Net WAC Cap; (ii)Any Basis Risk Carry Forward Amount for such class remaining unpaid for such Certificate from prior Distribution Dates; and (iii)Interest on the amount in clause (ii) at the class’ applicable Pass-Through Rate (without regard to the Net WAC Cap).
Interest Carry Forward Amount:	“Interest Carry Forward Amount” with respect to any class of certificates and any Distribution Date will be equal to the amount, if any, by which the Interest Distribution Amount for that class of certificates for the immediately preceding Distribution Date exceeded the actual amount distributed on such class in respect of interest on the immediately preceding Distribution Date, together with any Interest Carry Forward Amount with respect to such class remaining unpaid from the previous Distribution Date, plus interest accrued thereon at the related Pass-Through Rate for the most recently ended Interest Accrual Period.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

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Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Interest Distributions on LIBOR Certificates: On each Distribution Date and after payments of expense fees, if any, and other expenses, including any Net Swap Payments and any swap termination payment owed to the Swap Counterparty, including, without limitation, any Senior Defaulted Swap Termination Payment, but not including any other swap termination payment due to a default on the part of the Swap Counterparty, interest distributions from the Interest Remittance Amount will be allocated as follows:

(i)	The portion of the Interest Remittance Amount attributable to the Group 1 Mortgage Loans will be allocated according to the related Interest Distribution Amount and any Interest Carry Forward Amount from prior Distribution Dates, first, to the Class A-1 Certificates and second, pro rata, based on their respective entitlements to such amounts, to the Class A-2 Certificates;
(ii)	The portion of the Interest Remittance Amount attributable to the Group 2 Mortgage Loans will be allocated according to the related Interest Distribution Amount and Interest Carry Forward Amount from prior Distribution Dates, first, pro rata, based on their respective entitlements to such amounts, to the Class A-2 Certificates and second, to the Class A-1 Certificates;
(iii)	To the Class M-1 Certificates, its Interest Distribution Amount;
(iv)	To the Class M-2 Certificates, its Interest Distribution Amount;
(v)	To the Class M-3 Certificates, its Interest Distribution Amount;
(vi)	To the Class M-4 Certificates, its Interest Distribution Amount;
(vii)	To the Class M-5 Certificates, its Interest Distribution Amount;
(viii)	To the Class M-6 Certificates, its Interest Distribution Amount;
(ix)	To the Class B-1 Certificates, its Interest Distribution Amount;
(x)	To the Class B-2 Certificates, its Interest Distribution Amount;
(xi)	To the Class B-3 Certificates, its Interest Distribution Amount; and
(xii)	Any remaining amounts will be distributed pursuant to the Allocation of Net Monthly Excess Cashflow.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

 

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Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Principal Distributions on LIBOR Certificates: On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, principal distributions from the Principal Distribution Amount will be allocated as follows:

(i)	to cover any Net Swap Payments and any swap termination payments due to the Swap Counterparty, not previously paid with Interest Remittance Amounts, including, without limitation, any Senior Defaulted Swap Termination Payment, but not including any other swap termination payment due to a default on the part of the Swap Counterparty;
(ii)	to the Class A Certificates, allocated among the Class A Certificates as described below, until the Class Principal Balances thereof have been reduced to zero;
(iii)	to the Class M-1 Certificates, until the Class Principal Balance has been reduced to zero;
(iv)	to the Class M-2 Certificates, until the Class Principal Balance has been reduced to zero;
(v)	to the Class M-3 Certificates, until the Class Principal Balance has been reduced to zero;
(vi)	to the Class M-4 Certificates, until the Class Principal Balance has been reduced to zero;
(vii)	to the Class M-5 Certificates, until the Class Principal Balance has been reduced to zero;
(viii)	to the Class M-6 Certificates, until the Class Principal Balance has been reduced to zero;
(ix)	to the Class B-1 Certificates, until the Class Principal Balance has been reduced to zero;
(x)	to the Class B-2 Certificates, until the Class Principal Balance has been reduced to zero;
(xi)	to the Class B-3 Certificates, until the Class Principal Balance has been reduced to zero; and
(xii)	any remaining amounts will be distributed pursuant to the Allocation of Net Monthly Excess Cashflow.
On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, principal distributions from the Principal Distribution Amount will be allocated as follows:

(i)	to cover any Net Swap Payments and any swap termination payments due to the Swap Counterparty, not previously paid with Interest Remittance Amounts, including, without limitation, any Senior Defaulted Swap Termination Payment, but not including any other swap termination payment due to a default on the part of the Swap Counterparty;
(ii)	to the Class A Certificates, in an amount up to the Class A Principal Distribution Amount, allocated among the Class A Certificates as described below, until the Class Principal Balances thereof have been reduced to zero;
(iii)	to the Class M-1 Certificates, in an amount up to the Class M-1 Principal Distribution Amount, until the Class Principal Balance thereof has been reduced to zero;
(iv)	to the Class M-2 Certificates, in an amount up to the Class M-2 Principal Distribution Amount, until the Class Principal Balance thereof has been reduced to zero;
(v)	to the Class M-3 Certificates, in an amount up to the Class M-3 Principal Distribution Amount, until the Class Principal Balance thereof has been reduced to zero;
(vi)	to the Class M-4 Certificates, in an amount up to the Class M-4 Principal Distribution Amount, until the Class Principal Balance thereof has been reduced to zero;
(vii)	to the Class M-5 Certificates, in an amount up to the Class M-5 Principal Distribution Amount, until the Class Principal Balance thereof has been reduced to zero;
(viii)	to the Class M-6 Certificates, in an amount up to the Class M-6 Principal Distribution Amount, until the Class Principal Balance thereof has been reduced to zero;
(ix)	to the Class B-1 Certificates, in an amount up to the Class B-1 Principal Distribution Amount, until the Class Principal Balance thereof has been reduced to zero;
(x)	to the Class B-2 Certificates, in an amount up to the Class B-2 Principal Distribution Amount, until the Class Principal Balance thereof has been reduced to zero;
(xi)	to the Class B-3 Certificates, in an amount up to the Class B-3 Principal Distribution Amount, until the Class Principal Balance thereof has been reduced to zero; and
(xii)	any remaining amounts will be distributed pursuant to the Allocation of Net Monthly Excess Cashflow.

 

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

 

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Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Class A Principal Allocation:	Except as described below, the Class A-2 Certificates will receive principal sequentially: the Class A-2b Certificates will not receive principal distributions until the Class Principal Balance of the Class A-2a Certificates has been reduced to zero, the Class A-2c Certificates will not receive principal distributions until the Class Principal Balance of the Class A-2b Certificates has been reduced to zero and the Class A-2d Certificates will not receive principal distributions until the Class Principal Balance of the Class A-2c Certificates has been reduced to zero.
	All principal distributions to the holders of the Class A Certificates on any Distribution Date will be allocated concurrently between the Class A-1 Certificates, on the one hand, and the Class A-2 Certificates, on the other hand, based on the Class A Principal Allocation Percentage for the Class A-1 Certificates and the Class A-2 Certificates, as applicable.
	However, if the aggregate Class Principal Balances of the Class A Certificates in either group are reduced to zero, then the remaining amount of principal distributions distributable to the Class A Certificates on that Distribution Date, and the amount of those principal distributions distributable on all subsequent Distribution Dates, will be distributed to the holders of the other group of Class A Certificates remaining outstanding, in accordance with the principal distribution allocations described herein, until their Class Principal Balances have been reduced to zero. Any payments of principal to the Class A-1 Certificates will be made first from payments relating to the Group 1 Mortgage Loans, and any payments of principal to the Class A-2 Certificates will be made first from payments relating to the Group 2 Mortgage Loans.
	Notwithstanding the above, in the event that all subordinate classes, including the OC certificates, have been reduced to zero, principal distributions to the Class A-2 Certificates will be distributed pro rata, based upon their respective Class Principal Balances, to the Class A-2a, Class A-2b, Class A-2c and Class A-2d Certificates.
Class A Principal Allocation Percentage:	For any Distribution Date, the percentage equivalent of a fraction, determined as follows: (i) in the case of the Class A-1 Certificates the numerator of which is (x) the portion of the Principal Remittance Amount for such Distribution Date that is attributable to principal received or advanced on the Group 1 Mortgage Loans and the denominator of which is (y) the Principal Remittance Amount for such Distribution Date and (ii) in the case of the Class A-2 Certificates, the numerator of which is (x) the portion of the Principal Remittance Amount for such Distribution Date that is attributable to principal received or advanced on the Group 2 Mortgage Loans and the denominator of which is (y) the Principal Remittance Amount for such Distribution Date.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

 

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Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Allocation of Net Monthly Excess Cashflow: For any Distribution Date, any Net Monthly Excess Cashflow shall be distributed as follows:

(i)	to the Class M-1 Certificates, the related Interest Carry Forward Amount;
(ii)	to the Class M-1 Certificates, the allocated Unpaid Realized Loss Amount;
(iii)	to the Class M-2 Certificates, the related Interest Carry Forward Amount;
(iv)	to the Class M-2 Certificates, the allocated Unpaid Realized Loss Amount;
(v)	to the Class M-3 Certificates, the related Interest Carry Forward Amount;
(vi)	to the Class M-3 Certificates, the allocated Unpaid Realized Loss Amount;
(vii)	to the Class M-4 Certificates, the related Interest Carry Forward Amount;
(viii)	to the Class M-4 Certificates, the allocated Unpaid Realized Loss Amount;
(ix)	to the Class M-5 Certificates, the related Interest Carry Forward Amount;
(x)	to the Class M-5 Certificates, the allocated Unpaid Realized Loss Amount;
(xi)	to the Class M-6 Certificates, the related Interest Carry Forward Amount;
(xii)	to the Class M-6 Certificates, the allocated Unpaid Realized Loss Amount;
(xiii)	to the Class B-1 Certificates, the related Interest Carry Forward Amount;
(xiv)	to the Class B-1 Certificates, the allocated Unpaid Realized Loss Amount;
(xv)	to the Class B-2 Certificates, the related Interest Carry Forward Amount;
(xvi)	to the Class B-2 Certificates, the allocated Unpaid Realized Loss Amount;
(xvii)	to the Class B-3 Certificates, the related Interest Carry Forward Amount;
(xviii)	to the Class B-3 Certificates, the allocated Unpaid Realized Loss Amount;
(xix)	concurrently, to the Class A-1 Certificates, any Basis Risk Carry Forward Amount for the Class A-1 Certificates and to the Class A-2 Certificates, any Basis Risk Carry Forward Amount for the Class A-2 Certificates;
(xx)	sequentially, to Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates, in such order, any Basis Risk Carry Forward Amount for such classes;
(xxi)	sequentially, first (i) concurrently, to the Class A Certificates, first, pro rata, based on their respective Class Principal Balances to the extent needed to pay any Unpaid Interest Shortfall Amount for each such class and then, pro rata, based on any Unpaid Interest Shortfall Amount for each such Class, in an amount up to the amount of any Unpaid Interest Shortfall Amount remaining unpaid for such classes of certificates and then (ii) sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates, in that order, in an amount up to the amount of any Unpaid Interest Shortfall Amount for such classes of certificates; and
(xxii)	all remaining amounts to the holders of the Class OC Certificates.

Unpaid Realized Loss Amount:	For any Class of Subordinate Certificates, the portion of any Realized Losses on the Mortgage Loans previously allocated to that class remaining unpaid from prior Distribution Dates.
Swap Account:	On or prior to each Distribution Date during which the interest rate swap agreement is in effect, the Swap Termination Payments, Net Swap Payments owed to the Swap Counterparty, and Net Swap Receipts for that Distribution Date will be deposited into a trust account (“the Swap Account”) established by the Trustee as part of the trust fund.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

 

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Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Swap Payment Priority: All payments due under the swap agreement and any Swap Termination Payment pursuant to the swap agreement will be deposited into the Swap Account, and allocated in the following order of priority, after giving effect to the Allocation of Net Monthly Excess Cashflow above:

(i)	to pay any Net Swap Payment owed to the Swap Counterparty pursuant to the swap agreement not previously paid;
(ii)	to pay any swap termination payment to the Swap Counterparty, including, without limitation, any Senior Defaulted Swap Termination Payment but not including any other swap termination payment due to a default on the part of the Swap Counterparty not previously paid;
(iii)	concurrently, to the Senior Certificates, the Interest Distribution Amount and Interest Carry Forward Amount, on a pro rata basis, to the extent not yet paid;
(iv)	to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates, the Interest Distribution Amount and Interest Carry Forward Amount, sequentially and in that order, to the extent not yet paid;
(v)	to the LIBOR Certificates in accordance with the principal distribution rules in effect for such Distribution Date, in an amount equal to the amount necessary to meet the required overcollateralization for that Distribution Date;
(vi)	concurrently, to the Senior Certificates, any Basis Risk Carry Forward Amount for such Class up to the respective Swap Payment Allocation, to the extent not yet paid;
(vii)	sequentially, to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates, any Basis Risk Carry Forward Amount for such Class up to the respective Swap Payment Allocation, to the extent not yet paid;
(viii)	concurrently to the Senior Certificates, Class M Certificates and Class B Certificates, any unpaid Basis Risk Carry Forward Amount, pro rata based on need;
(ix)	sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates the allocated Unpaid Realized Loss Amount, to the extent not yet paid;
(x)	to pay any swap termination payment to the Swap Counterparty, to the extent the termination is due to a default on the part of the Swap Counterparty; and
(xi)	all remaining amounts to the holder of the Class OC Certificates.

In the event that the trust enters into a replacement interest rate swap agreement and the trust is entitled to receive a Replacement Swap Counterparty Payment, the trustee will be required to direct the replacement swap counterparty (or its guarantor) to make such Replacement Swap Counterparty Payment to the Swap Account. Notwithstanding the foregoing, any Replacement Swap Counterparty Payment will be made from the Swap Account to the Swap Counterparty (or its guarantor) immediately upon receipt of such payment, regardless of whether the date of receipt is a distribution date. If any Replacement Swap Counterparty Payment is made to an account other than the Swap Account, then any Replacement Swap Counterparty Payment will be required to be paid to the Swap Counterparty (or its guarantor) immediately upon receipt of such Replacement Swap Counterparty Payment by the trust, regardless of whether the date of receipt is a distribution date. The Swap Counterparty (or its guarantor) will have first priority to any Replacement Swap Counterparty Payment over the payment by the trust to certificateholders, the servicer, any responsible party, the trustee, the custodian or any other person. If any such amount received from a replacement swap counterparty and paid to the Swap Counterparty is less than the full amount of a Swap Termination Payment owed to the Swap Counterparty, the remaining amount of the Swap Termination Payment will remain payable to the Swap Counterparty in accordance with the priority of payment described above.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

 

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Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Swap Payment Priority (continued):	Notwithstanding the foregoing, in the event that the Trust receives a Swap Termination Payment, and a successor Swap Counterparty cannot be obtained, then the Trustee will be required to deposit the Swap Termination Payment into the reserve account that is a sub-account of the Swap Account. On each subsequent Distribution Date (so long as funds are available in the reserve account), the Trustee will be required to withdraw from the reserve account and deposit into the Swap Account an amount equal to the amount of any Net Swap Receipt due the trust (calculated in accordance with the terms of the original interest rate swap agreement) and treat such amount as a Net Swap Receipt for purposes of determining the distributions from the Swap Account. The remaining amount in the reserve account will remain in that account and not treated as a Swap Termination Payment for purposes of determining the distributions from the Swap Account until the final Distribution Date.
Swap Payment Allocation:	For a given class of certificates outstanding, a pro rata share of the Net Swap Payment owed by the Swap Counterparty (if any), based on the outstanding Class Principal Balance of that class prior to the distributions of principal for that Distribution Date.
	Distributions will be determined in part based on the performance of individual loan groups and for such purpose any Net Swap Payments or Swap Termination Payments owed to the Swap Counterparty will be allocated between the loan groups based on the respective aggregate stated principal balance of the mortgage loans in each loan group.
Senior Defaulted Swap Termination Payment:	As of any date, the lesser of (i) any payments received by the trust as a result of entering into a replacement interest rate swap agreement following an additional termination event resulting from a downgrade of the Swap Counterparty in accordance with the swap agreement and (ii) any swap termination payment owed to the Swap Counterparty.
Principal Distribution Amount:	On any Distribution Date, the sum of (i) the Basic Principal Distribution Amount and (ii) the Extra Principal Distribution Amount.
Basic Principal Distribution Amount:	On any Distribution Date, the excess of (i) the Principal Remittance Amount over (ii) the Excess Subordinate Amount, if any.
Extra Principal Distribution Amount:	For any Distribution Date, the lesser of (i) the excess of (x) interest collected or advanced with respect to the Mortgage Loans with due dates in the related Due Period (less servicing fees and expenses), over (y) the sum of interest payable on the Certificates on such Distribution Date and (ii) the Overcollateralization Increase Amount for such Distribution Date.
Net Monthly Excess Cashflow:	For any Distribution Date is the amount of funds available for distribution on such Distribution Date remaining after making the distributions under “Interest Distributions on LIBOR Certificates” and “Principal Distributions on LIBOR Certificates” above.
Excess Subordinate Amount:	For any Distribution Date, means the excess, if any of (i) the amount of overcollateralization on that Distribution Date over (ii) the required overcollateralization for such Distribution Date.
Overcollateralization Increase Amount:	For any Distribution Date will be the amount, if any, by which the required overcollateralization exceeds the overcollateralized amount for such Distribution Date (calculated for this purpose only after assuming that 100% of the Principal Remittance Amount on such Distribution Date has been distributed).
Class A Principal Distribution Amount:	For any Distribution Date, an amount equal to the excess of (x) the aggregate Class Principal Balance of the Class A Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 52.60% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

 

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Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Class M-1 Principal Distribution Amount:	For any Distribution Date, an amount equal to the excess of (x) the sum of (i) the aggregate Class Principal Balance of the Class A Certificates (after taking into account the payment of the Class A Principal Distribution Amount on such Distribution Date) and (ii) the Class Principal Balance of the Class M-1 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 60.10% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor.
Class M-2 Principal Distribution Amount:	For any Distribution Date, an amount equal to the excess of (x) the sum of (i) the aggregate Class Principal Balance of the Class A Certificates (after taking into account the payment of the Class A Principal Distribution Amount on such Distribution Date), (ii) the Class Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date) and (iii) the Class Principal Balance of the Class M-2 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 67.00% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor.
Class M-3 Principal Distribution Amount:	For any Distribution Date, an amount equal to the excess of (x) the sum of (i) the aggregate Class Principal Balance of the Class A Certificates (after taking into account the payment of the Class A Principal Distribution Amount on such Distribution Date), (ii) the Class Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the Class Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date) and (iv) the Class Principal Balance of the Class M-3 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 71.20% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor.
Class M-4 Principal Distribution Amount:	For any Distribution Date, an amount equal to the excess of (x) the sum of (i) the aggregate Class Principal Balance of the Class A Certificates (after taking into account the payment of the Class A Principal Distribution Amount on such Distribution Date), (ii) the Class Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the Class Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date), (iv) the Class Principal Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution Date) and (v) the Class Principal Balance of the Class M-4 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 74.90% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

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Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Class M-5 Principal Distribution Amount:	For any Distribution Date, an amount equal to the excess of (x) the sum of (i) the aggregate Class Principal Balance of the Class A Certificates (after taking into account the payment of the Class A Principal Distribution Amount on such Distribution Date), (ii) the Class Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the Class Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date), (iv) the Class Principal Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution Date), (v) the Class Principal Balance of the Class M-4 Certificates (after taking into account the payment of the Class M-4 Principal Distribution Amount on such Distribution Date) and (vi) the Class Principal Balance of the Class M-5 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 78.40% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor.
Class M-6 Principal Distribution Amount:	For any Distribution Date, an amount equal to the excess of (x) the sum of (i) the aggregate Class Principal Balance of the Class A Certificates (after taking into account the payment of the Class A Principal Distribution Amount on such Distribution Date), (ii) the Class Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the Class Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date), (iv) the Class Principal Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution Date), (v) the Class Principal Balance of the Class M-4 Certificates (after taking into account the payment of the Class M-4 Principal Distribution Amount on such Distribution Date), (vi) the Class Principal Balance of the Class M-5 Certificates (after taking into account the payment of the Class M-5 Principal Distribution Amount on such Distribution Date) and (vii) the Class Principal Balance of the Class M-6 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 81.60% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor.
Class B-1 Principal Distribution Amount:	For any Distribution Date, an amount equal to the excess of (x) the sum of (i) the aggregate Class Principal Balance of the Class A Certificates (after taking into account the payment of the Class A Principal Distribution Amount on such Distribution Date), (ii) the Class Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the Class Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date), (iv) the Class Principal Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution Date), (v) the Class Principal Balance of the Class M-4 Certificates (after taking into account the payment of the Class M-4 Principal Distribution Amount on such Distribution Date), (vi) the Class Principal Balance of the Class M-5 Certificates (after taking into account the payment of the Class M-5 Principal Distribution Amount on such Distribution Date), (vii) the Class Principal Balance of the Class M-6 Certificates (after taking into account the payment of the Class M-6 Principal Distribution Amount on such Distribution Date) and (viii) the Class Principal Balance of the Class B-1 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 84.80% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

 

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Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Class B-2 Principal Distribution Amount:

For any Distribution Date, an amount equal to the excess of (x) the sum of (i) the aggregate Class Principal Balance of the Class A Certificates (after taking into account the payment of the Class A Principal Distribution Amount on such Distribution Date), (ii) the Class Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the Class Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date), (iv) the Class Principal Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution Date), (v) the Class Principal Balance of the Class M-4 Certificates (after taking into account the payment of the Class M-4 Principal Distribution Amount on such Distribution Date), (vi) the Class Principal Balance of the Class M-5 Certificates (after taking into account the payment of the Class M-5 Principal Distribution Amount on such Distribution Date), (vii) the Class Principal Balance of the Class M-6 Certificates (after taking into account the payment of the Class M-6 Principal Distribution Amount on such Distribution Date), (viii) the Class Principal Balance of the Class B-1 Certificates (after taking into account the payment of the Class B-1 Principal Distribution Amount on such Distribution Date) and (ix) the Class Principal Balance of the Class B-2 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 87.60% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor.

Class B-3 Principal Distribution Amount:

For any Distribution Date, an amount equal to the excess of (x) the sum of (i) the aggregate Class Principal Balance of the Class A Certificates (after taking into account the payment of the Class A Principal Distribution Amount on such Distribution Date), (ii) the Class Principal Balance of the Class M-1 Certificates (after taking into account the payment of the Class M-1 Principal Distribution Amount on such Distribution Date), (iii) the Class Principal Balance of the Class M-2 Certificates (after taking into account the payment of the Class M-2 Principal Distribution Amount on such Distribution Date), (iv) the Class Principal Balance of the Class M-3 Certificates (after taking into account the payment of the Class M-3 Principal Distribution Amount on such Distribution Date), (v) the Class Principal Balance of the Class M-4 Certificates (after taking into account the payment of the Class M-4 Principal Distribution Amount on such Distribution Date), (vi) the Class Principal Balance of the Class M-5 Certificates (after taking into account the payment of the Class M-5 Principal Distribution Amount on such Distribution Date), (vii) the Class Principal Balance of the Class M-6 Certificates (after taking into account the payment of the Class M-6 Principal Distribution Amount on such Distribution Date), (viii) the Class Principal Balance of the Class B-1 Certificates (after taking into account the payment of the Class B-1 Principal Distribution Amount on such Distribution Date), (ix) the Class Principal Balance of the Class B-2 Certificates (after taking into account the payment of the Class B-2 Principal Distribution Amount on such Distribution Date) and (x) the Class Principal Balance of the Class B-3 Certificates immediately prior to such Distribution Date over (y) the lesser of (A) the product of (i) approximately 90.20% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (B) the excess, if any, of the aggregate principal balance of the Mortgage Loans as of the last day of the related Due Period over the Overcollateralization Floor.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

 

Page 19

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Allocation of Losses:	If on any distribution date, after giving effect to all distributions of principal as described above and allocations of payments from the Swap Account to pay principal as described under “—Swap Payment Priority”, the aggregate Class Principal Balances of the LIBOR Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans for that distribution date, the Class Principal Balance of the applicable Class M or Class B Certificates will be reduced, in inverse order of seniority (beginning with the Class B-3 Certificates) by an amount equal to that excess, until that Class Principal Balance is reduced to zero. The Class Principal Balances of the Senior Certificates will not be reduced by this excess. This reduction of a Class Principal Balance for Realized Losses is referred to as an “Applied Realized Loss Amount.”
	In the event Applied Realized Loss Amounts are allocated to any class of Subordinate Certificates, its Class Principal Balance will be reduced by the amount so allocated, and no funds will be distributable with respect to interest or Basis Risk Carry Forward Amounts on the amounts written down on that distribution date or any future distribution dates, even if funds are otherwise available for distribution. Notwithstanding the foregoing, if after an Applied Realized Loss Amount is allocated to reduce the Class Principal Balance of any class of certificates, amounts are received with respect to any mortgage loan or related mortgaged property that had previously been liquidated or otherwise disposed of (any such amount being referred to as a “Subsequent Recovery”), the Class Principal Balance of each Class of Subordinate Certificates that has been previously reduced by Applied Realized Loss Amounts will be increased, in order of seniority, by the amount of the Subsequent Recoveries (but not in excess of the Unpaid Realized Loss Amount for the applicable class of Subordinate Certificates for the related distribution date). Any Subsequent Recovery that is received during a Prepayment Period will be treated as Liquidation Proceeds and included as part of the Principal Remittance Amount for the related distribution date.
ERISA Eligibility:	The Offered Certificates are expected to be ERISA eligible provided that, until both the swap agreement and the cap agreement are terminated, the investor meets the requirements of certain investor-based or statutory exemptions.
SMMEA Eligibility:	The Certificates are not expected to be SMMEA eligible.
Risk Factors:	PLEASE SEE “RISK FACTORS” IN THE PROSPECTUS INCLUDED IN THE REGISTRATION STATEMENT AND IN THE FREE WRITING PROSPECTUS FOR A DESCRIPTION OF INFORMATION THAT SHOULD BE CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE OFFERED CERTIFICATES.
Federal Tax Status:	The Offered Securities will represent, in part, regular interests in a REMIC for federal income tax purposes.
Static Pool Information:	Static pool information with respect to the Sponsor’s prior securitized pools is available online at www.saxonmortgage.com/staticpool. Access to this web address is unrestricted and free of charge. Information available at this web address is deemed to be part of this prospectus supplement, except to the extent provided under “Static Pool Information” in the accompanying prospectus.

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

 

Page 20

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Registration Statement and Prospectus:	This term sheet does not contain all information that is required to be included in a registration statement, or in a base prospectus and prospectus supplement.
	The Depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Depositor has filed with the SEC for more complete information about the Issuing Entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Depositor or any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-718-1649.
	The registration statement referred to above (including the prospectus) is incorporated in this term sheet by reference and may be accessed by clicking on the following hyperlink: http://www.sec.gov/Archives/edgar/data/1014299/000114420406012322/v038904_s3-a.htm

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

 

Page 21

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Weighted Average Life Sensitivity

To CALL

	PPC (%)	50	60	75	100	125	150	175
A-1	WAL (yrs)	4.95	4.15	3.31	2.41	1.75	1.23	1.03
	First Payment Date	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	4/25/2010	10/25/2009
	Window	1 - 183	1 - 155	1 - 124	1 - 91	1 - 71	1 - 36	1 - 30
A-2a	WAL (yrs)	1.60	1.34	1.07	0.80	0.64	0.52	0.44
	First Payment Date	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007
	Expected Final Maturity	8/25/2010	2/25/2010	7/25/2009	12/25/2008	8/25/2008	5/25/2008	3/25/2008
	Window	1 - 40	1 - 34	1 - 27	1 - 20	1 - 16	1 - 13	1 - 11
A-2b	WAL (yrs)	4.10	3.41	2.71	2.00	1.58	1.29	1.08
	First Payment Date	8/25/2010	2/25/2010	7/25/2009	12/25/2008	8/25/2008	5/25/2008	3/25/2008
	Expected Final Maturity	4/25/2012	6/25/2011	8/25/2010	9/25/2009	3/25/2009	10/25/2008	7/25/2008
	Window	40 - 60	34 - 50	27 - 40	20 - 29	16 - 23	13 - 18	11 - 15
A-2c	WAL (yrs)	7.62	6.35	5.04	3.50	2.32	1.88	1.57
	First Payment Date	4/25/2012	6/25/2011	8/25/2010	9/25/2009	3/25/2009	10/25/2008	7/25/2008
	Expected Final Maturity	6/25/2018	8/25/2016	9/25/2014	10/25/2012	2/25/2010	8/25/2009	3/25/2009
	Window	60 - 134	50 - 112	40 - 89	29 - 66	23 - 34	18 - 28	15 - 23
A-2d	WAL (yrs)	14.18	11.95	9.54	7.00	5.02	2.62	2.17
	First Payment Date	6/25/2018	8/25/2016	9/25/2014	10/25/2012	2/25/2010	8/25/2009	3/25/2009
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	4/25/2010	10/25/2009
	Window	134 - 183	112 - 155	89 - 124	66 - 91	34 - 71	28 - 36	23 - 30
M-1	WAL (yrs)	10.10	8.47	6.75	5.18	4.95	4.60	3.67
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	11/25/2010	8/25/2011	4/25/2010	10/25/2009
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	1/25/2012	3/25/2011
	Window	58 - 183	49 - 155	39 - 124	43 - 91	52 - 71	36 - 57	30 - 47
M-2	WAL (yrs)	10.10	8.47	6.75	5.13	4.62	4.73	3.90
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	9/25/2010	3/25/2011	12/25/2011	3/25/2011
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	1/25/2012	3/25/2011
	Window	58 - 183	49 - 155	39 - 124	41 - 91	47 - 71	56 - 57	47 - 47
M-3	WAL (yrs)	10.10	8.47	6.75	5.10	4.46	4.52	3.78
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	8/25/2010	1/25/2011	7/25/2011	11/25/2010
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	1/25/2012	3/25/2011
	Window	58 - 183	49 - 155	39 - 124	40 - 91	45 - 71	51 - 57	43 - 47
M-4	WAL (yrs)	10.10	8.47	6.75	5.08	4.38	4.27	3.56
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	8/25/2010	11/25/2010	4/25/2011	8/25/2010
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	1/25/2012	3/25/2011
	Window	58 - 183	49 - 155	39 - 124	40 - 91	43 - 71	48 - 57	40 - 47
M-5	WAL (yrs)	10.10	8.47	6.75	5.06	4.31	4.10	3.41
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	7/25/2010	10/25/2010	2/25/2011	6/25/2010
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	1/25/2012	3/25/2011
	Window	58 - 183	49 - 155	39 - 124	39 - 91	42 - 71	46 - 57	38 - 47
M-6	WAL (yrs)	10.10	8.47	6.75	5.06	4.27	3.97	3.31
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	7/25/2010	9/25/2010	12/25/2010	5/25/2010
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	1/25/2012	3/25/2011
	Window	58 - 183	49 - 155	39 - 124	39 - 91	41 - 71	44 - 57	37 - 47
B-1	WAL (yrs)	10.10	8.47	6.75	5.04	4.23	3.87	3.22
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	6/25/2010	8/25/2010	10/25/2010	3/25/2010
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	1/25/2012	3/25/2011
	Window	58 - 183	49 - 155	39 - 124	38 - 91	40 - 71	42 - 57	35 - 47
B-2	WAL (yrs)	10.10	8.47	6.75	5.04	4.20	3.80	3.16
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	6/25/2010	7/25/2010	9/25/2010	2/25/2010
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	1/25/2012	3/25/2011
	Window	58 - 183	49 - 155	39 - 124	38 - 91	39 - 71	41 - 57	34 - 47
B-3	WAL (yrs)	10.10	8.47	6.75	5.04	4.18	3.74	3.11
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	5/25/2010	7/25/2010	8/25/2010	1/25/2010
	Expected Final Maturity	7/25/2022	3/25/2020	8/25/2017	11/25/2014	3/25/2013	1/25/2012	3/25/2011
	Window	58 - 183	49 - 155	39 - 124	37 - 91	39 - 71	40 - 57	33 - 47

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 22

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

Weighted Average Life Sensitivity

To MATURITY

	PPC (%)	50	60	75	100	125	150	175
A-1	WAL (yrs)	5.32	4.48	3.60	2.63	1.93	1.23	1.03
	First Payment Date	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007
	Expected Final Maturity	7/25/2036	11/25/2033	9/25/2029	5/25/2024	9/25/2020	4/25/2010	10/25/2009
	Window	1 - 351	1 - 319	1 - 269	1 - 205	1 - 161	1 - 36	1 - 30
A-2a	WAL (yrs)	1.60	1.34	1.07	0.80	0.64	0.52	0.44
	First Payment Date	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007	5/25/2007
	Expected Final Maturity	8/25/2010	2/25/2010	7/25/2009	12/25/2008	8/25/2008	5/25/2008	3/25/2008
	Window	1 - 40	1 - 34	1 - 27	1 - 20	1 - 16	1 - 13	1 - 11
A-2b	WAL (yrs)	4.10	3.41	2.71	2.00	1.58	1.29	1.08
	First Payment Date	8/25/2010	2/25/2010	7/25/2009	12/25/2008	8/25/2008	5/25/2008	3/25/2008
	Expected Final Maturity	4/25/2012	6/25/2011	8/25/2010	9/25/2009	3/25/2009	10/25/2008	7/25/2008
	Window	40 - 60	34 - 50	27 - 40	20 - 29	16 - 23	13 - 18	11 - 15
A-2c	WAL (yrs)	7.62	6.35	5.04	3.50	2.32	1.88	1.57
	First Payment Date	4/25/2012	6/25/2011	8/25/2010	9/25/2009	3/25/2009	10/25/2008	7/25/2008
	Expected Final Maturity	6/25/2018	8/25/2016	9/25/2014	10/25/2012	2/25/2010	8/25/2009	3/25/2009
	Window	60 - 134	50 - 112	40 - 89	29 - 66	23 - 34	18 - 28	15 - 23
A-2d	WAL (yrs)	16.78	14.30	11.52	8.51	6.18	2.62	2.17
	First Payment Date	6/25/2018	8/25/2016	9/25/2014	10/25/2012	2/25/2010	8/25/2009	3/25/2009
	Expected Final Maturity	6/25/2036	9/25/2033	6/25/2029	2/25/2024	6/25/2020	4/25/2010	10/25/2009
	Window	134 - 350	112 - 317	89 - 266	66 - 202	34 - 158	28 - 36	23 - 30
M-1	WAL (yrs)	11.08	9.35	7.49	5.75	5.39	7.26	5.79
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	11/25/2010	8/25/2011	4/25/2010	10/25/2009
	Expected Final Maturity	2/25/2034	12/25/2030	12/25/2026	1/25/2022	11/25/2018	3/25/2018	4/25/2016
	Window	58 - 322	49 - 284	39 - 236	43 - 177	52 - 139	36 - 131	30 - 108
M-2	WAL (yrs)	11.06	9.33	7.47	5.68	5.05	5.46	4.60
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	9/25/2010	3/25/2011	12/25/2011	3/25/2011
	Expected Final Maturity	6/25/2033	3/25/2030	4/25/2026	7/25/2021	6/25/2018	4/25/2016	9/25/2014
	Window	58 - 314	49 - 275	39 - 228	41 - 171	47 - 134	56 - 108	47 - 89
M-3	WAL (yrs)	11.04	9.31	7.45	5.63	4.88	4.86	4.06
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	8/25/2010	1/25/2011	7/25/2011	11/25/2010
	Expected Final Maturity	8/25/2032	5/25/2029	7/25/2025	12/25/2020	12/25/2017	11/25/2015	5/25/2014
	Window	58 - 304	49 - 265	39 - 219	40 - 164	45 - 128	51 - 103	43 - 85
M-4	WAL (yrs)	11.02	9.29	7.43	5.60	4.78	4.60	3.83
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	8/25/2010	11/25/2010	4/25/2011	8/25/2010
	Expected Final Maturity	1/25/2032	10/25/2028	12/25/2024	6/25/2020	8/25/2017	8/25/2015	2/25/2014
	Window	58 - 297	49 - 258	39 - 212	40 - 158	43 - 124	48 - 100	40 - 82
M-5	WAL (yrs)	10.99	9.26	7.41	5.57	4.71	4.42	3.67
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	7/25/2010	10/25/2010	2/25/2011	6/25/2010
	Expected Final Maturity	5/25/2031	2/25/2028	5/25/2024	1/25/2020	4/25/2017	4/25/2015	12/25/2013
	Window	58 - 289	49 - 250	39 - 205	39 - 153	42 - 120	46 - 96	38 - 80
M-6	WAL (yrs)	10.95	9.23	7.38	5.54	4.64	4.27	3.56
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	7/25/2010	9/25/2010	12/25/2010	5/25/2010
	Expected Final Maturity	8/25/2030	6/25/2027	10/25/2023	7/25/2019	11/25/2016	1/25/2015	9/25/2013
	Window	58 - 280	49 - 242	39 - 198	39 - 147	41 - 115	44 - 93	37 - 77
B-1	WAL (yrs)	10.91	9.18	7.34	5.49	4.58	4.16	3.45
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	6/25/2010	8/25/2010	10/25/2010	3/25/2010
	Expected Final Maturity	11/25/2029	10/25/2026	2/25/2023	1/25/2019	6/25/2016	9/25/2014	5/25/2013
	Window	58 - 271	49 - 234	39 - 190	38 - 141	40 - 110	42 - 89	35 - 73
B-2	WAL (yrs)	10.84	9.12	7.29	5.45	4.52	4.06	3.37
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	6/25/2010	7/25/2010	9/25/2010	2/25/2010
	Expected Final Maturity	11/25/2028	11/25/2025	4/25/2022	6/25/2018	12/25/2015	4/25/2014	1/25/2013
	Window	58 - 259	49 - 223	39 - 180	38 - 134	39 - 104	41 - 84	34 - 69
B-3	WAL (yrs)	10.74	9.03	7.21	5.39	4.45	3.96	3.29
	First Payment Date	2/25/2012	5/25/2011	7/25/2010	5/25/2010	7/25/2010	8/25/2010	1/25/2010
	Expected Final Maturity	9/25/2027	11/25/2024	6/25/2021	10/25/2017	6/25/2015	11/25/2013	9/25/2012
	Window	58 - 245	49 - 211	39 - 170	37 - 126	39 - 98	40 - 79	33 - 65

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 23

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

CPR Sensitivity

To CALL

	CPR (%)	20	25	30
A-1	WAL (yrs)	3.16	2.44	1.88
	First Payment Date	5/25/2007	5/25/2007	5/25/2007
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	1 - 121	1 - 95	1 - 77
A-2a	WAL (yrs)	0.98	0.77	0.63
	First Payment Date	5/25/2007	5/25/2007	5/25/2007
	Expected Final Maturity	5/25/2009	12/25/2008	8/25/2008
	Window	1 - 25	1 - 20	1 - 16
A-2b	WAL (yrs)	2.59	2.02	1.64
	First Payment Date	5/25/2009	12/25/2008	8/25/2008
	Expected Final Maturity	6/25/2010	9/25/2009	4/25/2009
	Window	25 - 38	20 - 29	16 - 24
A-2c	WAL (yrs)	4.89	3.66	2.47
	First Payment Date	6/25/2010	9/25/2009	4/25/2009
	Expected Final Maturity	7/25/2014	12/25/2012	11/25/2011
	Window	38 - 87	29 - 68	24 - 55
A-2d	WAL (yrs)	9.32	7.31	5.93
	First Payment Date	7/25/2014	12/25/2012	11/25/2011
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	87 - 121	68 - 95	55 - 77
M-1	WAL (yrs)	6.55	5.32	4.94
	First Payment Date	5/25/2010	10/25/2010	5/25/2011
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	37 - 121	42 - 95	49 - 77
M-2	WAL (yrs)	6.55	5.28	4.72
	First Payment Date	5/25/2010	9/25/2010	1/25/2011
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	37 - 121	41 - 95	45 - 77
M-3	WAL (yrs)	6.55	5.25	4.61
	First Payment Date	5/25/2010	8/25/2010	12/25/2010
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	37 - 121	40 - 95	44 - 77
M-4	WAL (yrs)	6.55	5.24	4.55
	First Payment Date	5/25/2010	7/25/2010	10/25/2010
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	37 - 121	39 - 95	42 - 77
M-5	WAL (yrs)	6.55	5.22	4.51
	First Payment Date	5/25/2010	7/25/2010	9/25/2010
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	37 - 121	39 - 95	41 - 77
M-6	WAL (yrs)	6.55	5.22	4.48
	First Payment Date	5/25/2010	6/25/2010	8/25/2010
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	37 - 121	38 - 95	40 - 77
B-1	WAL (yrs)	6.55	5.21	4.45
	First Payment Date	5/25/2010	6/25/2010	7/25/2010
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	37 - 121	38 - 95	39 - 77
B-2	WAL (yrs)	6.55	5.21	4.42
	First Payment Date	5/25/2010	6/25/2010	7/25/2010
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	37 - 121	38 - 95	39 - 77
B-3	WAL (yrs)	6.55	5.20	4.41
	First Payment Date	5/25/2010	5/25/2010	6/25/2010
	Expected Final Maturity	5/25/2017	3/25/2015	9/25/2013
	Window	37 - 121	37 - 95	38 - 77

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 24

Saxon Asset Securities Trust Mortgage Loan Asset Backed Certificates, Series 2007-2

CPR Sensitivity

To MATURITY

	CPR (%)	20	25	30
A-1	WAL (yrs)	3.42	2.65	2.05
	First Payment Date	5/25/2007	5/25/2007	5/25/2007
	Expected Final Maturity	3/25/2029	11/25/2024	9/25/2021
	Window	1 - 263	1 - 211	1 - 173
A-2a	WAL (yrs)	0.98	0.77	0.63
	First Payment Date	5/25/2007	5/25/2007	5/25/2007
	Expected Final Maturity	5/25/2009	12/25/2008	8/25/2008
	Window	1 - 25	1 - 20	1 - 16
A-2b	WAL (yrs)	2.59	2.02	1.64
	First Payment Date	5/25/2009	12/25/2008	8/25/2008
	Expected Final Maturity	6/25/2010	9/25/2009	4/25/2009
	Window	25 - 38	20 - 29	16 - 24
A-2c	WAL (yrs)	4.89	3.66	2.47
	First Payment Date	6/25/2010	9/25/2009	4/25/2009
	Expected Final Maturity	7/25/2014	12/25/2012	11/25/2011
	Window	38 - 87	29 - 68	24 - 55
A-2d	WAL (yrs)	11.32	8.91	7.25
	First Payment Date	7/25/2014	12/25/2012	11/25/2011
	Expected Final Maturity	5/25/2029	1/25/2025	10/25/2021
	Window	87 - 265	68 - 213	55 - 174
M-1	WAL (yrs)	7.28	5.91	5.42
	First Payment Date	5/25/2010	10/25/2010	5/25/2011
	Expected Final Maturity	7/25/2026	8/25/2022	10/25/2019
	Window	37 - 231	42 - 184	49 - 150
M-2	WAL (yrs)	7.26	5.84	5.19
	First Payment Date	5/25/2010	9/25/2010	1/25/2011
	Expected Final Maturity	11/25/2025	1/25/2022	5/25/2019
	Window	37 - 223	41 - 177	45 - 145
M-3	WAL (yrs)	7.24	5.80	5.07
	First Payment Date	5/25/2010	8/25/2010	12/25/2010
	Expected Final Maturity	2/25/2025	6/25/2021	10/25/2018
	Window	37 - 214	40 - 170	44 - 138
M-4	WAL (yrs)	7.23	5.78	4.99
	First Payment Date	5/25/2010	7/25/2010	10/25/2010
	Expected Final Maturity	7/25/2024	1/25/2021	6/25/2018
	Window	37 - 207	39 - 165	42 - 134
M-5	WAL (yrs)	7.20	5.74	4.93
	First Payment Date	5/25/2010	7/25/2010	9/25/2010
	Expected Final Maturity	1/25/2024	7/25/2020	2/25/2018
	Window	37 - 201	39 - 159	41 - 130
M-6	WAL (yrs)	7.17	5.72	4.88
	First Payment Date	5/25/2010	6/25/2010	8/25/2010
	Expected Final Maturity	6/25/2023	1/25/2020	9/25/2017
	Window	37 - 194	38 - 153	40 - 125
B-1	WAL (yrs)	7.13	5.67	4.83
	First Payment Date	5/25/2010	6/25/2010	7/25/2010
	Expected Final Maturity	10/25/2022	7/25/2019	4/25/2017
	Window	37 - 186	38 - 147	39 - 120
B-2	WAL (yrs)	7.08	5.63	4.76
	First Payment Date	5/25/2010	6/25/2010	7/25/2010
	Expected Final Maturity	1/25/2022	11/25/2018	9/25/2016
	Window	37 - 177	38 - 139	39 - 113
B-3	WAL (yrs)	7.01	5.56	4.70
	First Payment Date	5/25/2010	5/25/2010	6/25/2010
	Expected Final Maturity	2/25/2021	3/25/2018	3/25/2016
	Window	37 - 166	37 - 131	38 - 107

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 25

Senior Schedule of Available Funds and

Supplemental Interest Rate Cap Rates (Cash Cap) ⁽¹⁾⁽²⁾

Period	A-1 Cap (%)	A-2a Cap (%)	A-2b Cap (%)	A-2c Cap (%)	A-2d Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360

0	—	—	—	—	—
1	20.20	20.11	20.18	20.25	20.33
2	20.20	20.11	20.18	20.25	20.33
3	20.20	20.11	20.18	20.25	20.33
4	20.20	20.11	20.18	20.25	20.33
5	20.20	20.11	20.18	20.25	20.33
6	20.20	20.11	20.18	20.25	20.33
7	19.96	19.95	19.95	19.95	19.95
8	20.09	20.09	20.09	20.09	20.09
9	19.69	19.69	19.69	19.69	19.69
10	19.56	19.56	19.56	19.56	19.56
11	20.00	19.99	19.99	19.99	19.99
12	21.43	21.43	21.43	21.43	21.43
13	20.97	20.67	20.64	21.16	21.44
14	20.20	20.11	20.18	20.25	20.65
15	20.20	20.11	20.18	20.25	20.33
16	20.20	20.11	20.18	20.25	20.33
17	20.20	20.11	20.18	20.25	20.33
18	20.20	20.11	20.18	20.25	20.33
19	20.20	20.11	20.18	20.25	20.33
20	20.20	20.11	20.18	20.25	20.33
21	20.14	—	20.13	20.13	20.13
22	19.96	—	19.97	19.97	19.97
23	19.80	—	19.95	19.95	19.95
24	18.95	—	18.94	18.94	18.94
25	19.12	—	19.11	19.11	19.11
26	18.83	—	18.82	18.82	18.82
27	19.03	—	19.02	19.02	19.02
28	18.69	—	18.68	18.68	18.68
29	17.95	—	17.97	17.97	17.97
30	18.06	—	—	18.05	18.05
31	17.78	—	—	17.76	17.76
32	18.09	—	—	18.08	18.08
33	17.81	—	—	17.80	17.80
34	17.79	—	—	17.84	17.84
35	18.46	—	—	18.97	18.97
36	17.67	—	—	17.70	17.70
37	61.63	—	—	75.38	50.57
38	20.20	—	—	20.25	20.33
39	20.20	—	—	20.25	20.33
40	20.20	—	—	20.25	20.33
41	20.20	—	—	20.25	20.33
42	20.20	—	—	20.25	20.33
43	20.20	—	—	20.25	20.33
44	20.20	—	—	20.25	20.33
45	20.20	—	—	20.25	20.33
46	20.20	—	—	20.25	20.33

(1) Annualized coupon based on total interest paid to the certificates including Interest Distribution Amount, Interest Carry Forward Amounts and Basis Risk Carry Forward Amount, including any Net Swap Payments received from the Swap Counterparty and any interest rate cap proceeds received from the Cap Counterparty

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR of 20%

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 26

Senior Schedule of Available Funds and

Supplemental Interest Rate Cap Rates (Cash Cap) ⁽¹⁾⁽²⁾

Period	A-1 Cap (%)	A-2a Cap (%)	A-2b Cap (%)	A-2c Cap (%)	A-2d Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360

47	20.20	—	—	20.25	20.33
48	20.20	—	—	20.25	20.33
49	20.20	—	—	20.25	20.33
50	20.20	-	—	20.25	20.33
51	20.20	—	—	20.25	20.33
52	20.20	—	—	20.25	20.33
53	20.20	—	—	20.25	20.33
54	20.20	—	—	20.25	20.33
55	20.20	—	—	20.25	20.33
56	20.20	—	—	20.25	20.33
57	20.20	—	—	20.25	20.33
58	18.57	—	—	18.63	18.63
59	19.86	—	—	19.93	19.93
60	18.59	—	—	18.64	18.64
61	19.20	—	—	19.26	19.26
62	18.58	—	—	18.63	18.63
63	19.19	—	—	19.24	19.24
64	18.56	—	—	18.62	18.62
65	18.56	—	—	18.61	18.61
66	19.17	—	—	19.22	19.22
67	18.54	—	—	—	18.59
68	19.15	—	—	—	19.21
69	18.53	—	—	—	18.58
70	18.52	—	—	—	18.57
71	20.50	—	—	—	20.55
72	18.51	—	—	—	18.56
73	19.12	—	—	—	19.17
74	18.49	—	—	—	18.54
75	19.10	—	—	—	19.15
76	18.48	—	—	—	18.53
77	18.47	—	—	—	18.52
78	19.08	—	—	—	19.13
79	18.46	—	—	—	18.51
80	19.07	—	—	—	19.11
81	18.44	—	—	—	18.49
82	18.43	—	—	—	18.48
83	20.40	—	—	—	20.45
84	18.42	—	—	—	18.47
85	19.03	—	—	—	19.07
86	18.40	—	—	—	18.45
87	19.01	—	—	—	19.06
88	18.39	—	—	—	18.44
89	18.38	—	—	—	18.43
90	18.99	—	—	—	19.04
91	18.37	—	—	—	18.41
92	18.97	—	—	—	19.02
93	18.35	—	—	—	18.40
94	18.34	—	—	—	18.39

(1) Annualized coupon based on total interest paid to the certificates including Interest Distribution Amount, Interest Carry Forward Amounts and Basis Risk Carry Forward Amount, including any Net Swap Payments received from the Swap Counterparty and any interest rate cap proceeds received from the Cap Counterparty

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR of 20%

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 27

Senior Schedule of Available Funds and

Supplemental Interest Rate Cap Rates (Cash Cap) ⁽¹⁾⁽²⁾

Period	A-1 Cap (%)	A-2a Cap (%)	A-2b Cap (%)	A-2c Cap (%)	A-2d Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360

95	20.30	—	—	—	20.35
96	18.33	—	—	—	18.38
97	18.93	—	—	—	18.98
98	18.31	—	—	—	18.36
99	18.91	—	—	—	18.97
100	18.30	—	—	—	18.35
101	18.29	—	—	—	18.34
102	18.89	—	—	—	18.94
103	18.27	—	—	—	18.32
104	18.88	—	—	—	18.93
105	18.26	—	—	—	18.31
106	18.25	—	—	—	18.30
107	19.50	—	—	—	19.56
108	18.24	—	—	—	18.29
109	18.84	—	—	—	18.89
110	18.22	—	—	—	18.27
111	18.82	—	—	—	18.88
112	18.21	—	—	—	18.26
113	18.20	—	—	—	18.25
114	18.80	—	—	—	18.85
115	18.19	—	—	—	18.24
116	18.79	—	—	—	18.84
117	17.05	—	—	—	17.10
118	12.67	—	—	—	12.72
119	14.07	—	—	—	14.13
120	12.76	—	—	—	12.81
121	13.23	—	—	—	13.29
122	12.85	—	—	—	12.91
123	13.33	—	—	—	13.39
124	12.95	—	—	—	13.01
125	13.01	—	—	—	13.06
126	13.50	—	—	—	13.55
127	13.12	—	—	—	13.17
128	13.61	—	—	—	13.67
129	13.24	—	—	—	13.29
130	13.30	—	—	—	13.35
131	14.79	—	—	—	14.85
132	13.42	—	—	—	13.48
133	13.94	—	—	—	14.00
134	13.56	—	—	—	13.61
135	14.08	—	—	—	14.14
136	13.70	—	—	—	13.76
137	13.78	—	—	—	13.83
138	14.31	—	—	—	14.37
139	13.93	—	—	—	13.99
140	14.48	—	—	—	14.54
141	14.09	—	—	—	14.15
142	14.18	—	—	—	14.24

(1) Annualized coupon based on total interest paid to the certificates including Interest Distribution Amount, Interest Carry Forward Amounts and Basis Risk Carry Forward Amount, including any Net Swap Payments received from the Swap Counterparty and any interest rate cap proceeds received from the Cap Counterparty

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR of 20%

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 28

Senior Schedule of Available Funds and

Supplemental Interest Rate Cap Rates (Cash Cap) ⁽¹⁾⁽²⁾

Period	A-1 Cap (%)	A-2a Cap (%)	A-2b Cap (%)	A-2c Cap (%)	A-2d Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360

143	15.80	—	—	—	15.86
144	14.36	—	—	—	14.41
145	14.93	—	—	—	14.99
146	14.55	—	—	—	14.60
147	15.13	—	—	—	15.19
148	14.75	—	—	—	14.80
149	14.85	—	—	—	14.91
150	15.45	—	—	—	15.51
151	15.07	—	—	—	15.12
152	15.68	—	—	—	15.74
153	15.29	—	—	—	15.35
154	15.41	—	—	—	15.47
155	16.61	—	—	—	16.67
156	15.66	—	—	—	15.72
157	16.32	—	—	—	16.37
158	15.92	—	—	—	15.98
159	16.59	—	—	—	16.65
160	16.20	—	—	—	16.26
161	16.34	—	—	—	16.40
162	17.04	—	—	—	17.10
163	16.64	—	—	—	16.70
164	17.36	—	—	—	17.42
165	16.96	—	—	—	17.02
166	17.12	—	—	—	17.18
167	19.14	—	—	—	19.21
168	17.47	—	—	—	17.52
169	18.23	—	—	—	18.29
170	17.83	—	—	—	17.89
171	18.62	—	—	—	18.68
172	18.21	—	—	—	18.27
173	18.41	—	—	—	18.47
174	19.23	—	—	—	19.30
175	18.82	—	—	—	18.88
176	19.67	—	—	—	19.74
177	19.27	—	—	—	19.33
178	19.63	—	—	—	19.69
179	22.26	—	—	—	22.32
180	20.62	—	—	—	20.68
181	21.88	—	—	—	21.94
182	21.78	—	—	—	21.83
183	23.18	—	—	—	23.24
184	23.15	—	—	—	23.21
185	23.94	—	—	—	23.99
186	25.63	—	—	—	25.69
187	25.77	—	—	—	25.82
188	27.73	—	—	—	27.79
189	28.04	—	—	—	28.09
190	29.39	—	—	—	29.44

(1) Annualized coupon based on total interest paid to the certificates including Interest Distribution Amount, Interest Carry Forward Amounts and Basis Risk Carry Forward Amount, including any Net Swap Payments received from the Swap Counterparty and any interest rate cap proceeds received from the Cap Counterparty

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR of 20%

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 29

Senior Schedule of Available Funds and

Supplemental Interest Rate Cap Rates (Cash Cap) ⁽¹⁾⁽²⁾
 

Period	A-1 Cap (%)	A-2a Cap (%)	A-2b Cap (%)	A-2c Cap (%)	A-2d Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360

191	34.23	—	—	—	34.29
192	32.67	—	—	—	32.73
193	35.85	—	—	—	35.91
194	37.05	—	—	—	37.11
195	41.16	—	—	—	41.22
196	43.18	—	—	—	43.23
197	47.25	—	—	—	47.31
198	54.08	—	—	—	54.14
199	58.85	—	—	—	58.90
200	69.73	—	—	—	69.79
201	79.48	—	—	—	79.54
202	97.28	—	—	—	97.34
203	135.11	—	—	—	—
204	182.60	—	—	—	—
205	347.87	—	—	—	—
206	*	—	—	—	—
207	—	—	—	—	—

* In Period 206 the Class A-1 has a beginning balance of approximately $17,389 and is paid approximately $135,901 in interest.

(1) Annualized coupon based on total interest paid to the certificates including Interest Distribution Amount, Interest Carry Forward Amounts and Basis Risk Carry Forward Amount, including any Net Swap Payments received from the Swap Counterparty and any interest rate cap proceeds received from the Cap Counterparty

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR of 20%

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 30

Subordinate Schedule of Available Funds and

Supplemental Interest Rate Cap Rates (Cash Cap) ⁽¹⁾⁽²⁾

Period	M-1 Cap (%)	M-2 Cap (%)	M-3 Cap (%)	M-4 Cap (%)	M-5 Cap (%)	M-6 Cap (%)	B-1 Cap (%)	B-2 Cap (%)	B-3 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360
0	—	—	—	—	—	—	—	—	—
1	20.41	20.46	20.63	21.10	21.40	21.85	22.25	22.25	22.25
2	20.41	20.46	20.63	21.10	21.40	21.85	22.25	22.25	22.25
3	20.41	20.46	20.63	21.10	21.40	21.85	22.25	22.25	22.25
4	20.41	20.46	20.63	21.10	21.40	20.27	19.83	19.83	19.83
5	20.21	19.68	19.68	19.68	19.68	19.68	19.68	19.68	19.68
6	20.62	21.28	20.87	19.78	19.78	19.78	19.78	19.78	19.78
7	19.38	19.38	19.38	19.38	19.38	19.38	19.38	19.38	19.38
8	19.48	19.48	19.48	19.48	19.48	19.48	19.48	19.48	19.48
9	19.08	19.08	19.08	19.08	19.08	19.08	19.08	19.08	19.08
10	18.92	18.92	18.92	18.92	18.92	18.92	18.92	18.92	18.92
11	19.29	19.29	19.29	19.29	19.29	19.29	19.29	19.29	19.29
12	20.75	20.75	20.75	20.75	20.75	20.75	20.75	20.75	20.75
13	21.17	21.20	21.38	21.87	22.12	22.66	23.08	23.08	23.08
14	21.24	21.30	21.65	22.59	23.07	24.09	24.89	24.89	24.89
15	21.14	21.20	21.55	22.52	23.02	24.05	24.88	24.88	24.88
16	20.54	20.59	20.81	21.43	21.76	22.42	22.95	22.95	22.95
17	20.23	20.27	20.42	20.86	21.11	21.57	21.94	21.94	21.94
18	20.18	20.22	20.37	20.79	21.03	21.47	21.84	21.84	21.84
19	19.65	19.66	19.71	19.85	19.93	20.08	20.20	20.20	20.20
20	19.63	19.64	19.70	19.85	19.94	20.09	20.23	20.23	20.23
21	19.17	19.17	19.17	19.17	19.17	19.17	19.17	19.17	19.17
22	18.95	18.95	18.95	18.95	18.95	18.95	18.95	18.95	18.95
23	18.60	18.60	18.60	18.60	18.60	18.60	18.60	18.60	18.60
24	17.67	17.67	17.67	17.67	17.67	17.67	17.67	17.67	17.67
25	17.74	17.74	17.74	17.74	17.74	17.74	17.74	17.74	17.74
26	17.43	17.43	17.43	17.43	17.43	17.43	17.43	17.43	17.43
27	17.51	17.51	17.51	17.51	17.51	17.51	17.51	17.51	17.51
28	17.15	17.15	17.15	17.15	17.15	17.15	17.15	17.15	17.15
29	16.31	16.31	16.31	16.31	16.31	16.31	16.31	16.31	16.31
30	16.24	16.24	16.24	16.24	16.24	16.24	16.24	16.24	16.24
31	15.92	15.92	15.92	15.92	15.92	15.92	15.92	15.92	15.92
32	16.07	16.07	16.07	16.07	16.07	16.07	16.07	16.07	16.07
33	15.75	15.75	15.75	15.75	15.75	15.75	15.75	15.75	15.75
34	15.63	15.63	15.63	15.63	15.63	15.63	15.63	15.63	15.63
35	16.06	16.06	16.06	16.06	16.06	16.06	16.06	16.06	16.06
36	14.98	14.98	14.98	14.98	14.98	14.98	14.98	14.98	14.98
37	91.90	44.53	20.55	21.64	22.31	23.40	24.36	24.36	24.36
38	14.94	16.77	17.91	18.52	18.91	19.53	20.07	20.07	20.19
39	15.37	17.22	18.37	19.02	19.42	20.06	22.04	22.20	22.19
40	15.06	16.39	17.23	17.71	18.90	19.68	20.18	20.17	20.17
41	15.11	16.28	17.24	18.45	18.76	19.34	19.80	19.80	19.79
42	15.49	16.87	18.52	19.13	19.48	20.12	20.63	20.63	20.62
43	14.98	16.26	17.11	17.54	17.79	18.24	18.61	18.61	18.60
44	15.51	17.06	17.87	18.37	18.65	19.18	19.60	19.60	19.60
45	15.01	15.95	16.48	16.81	17.00	17.36	17.64	17.64	17.64
46	15.03	15.73	16.19	16.48	16.65	16.96	17.21	17.21	17.21
47	17.13	18.66	19.68	20.34	20.72	21.41	21.98	21.97	21.96

(1) Annualized coupon based on total interest paid to the certificates including Interest Distribution Amount, Interest Carry Forward Amounts, and Basis Risk Carry Forward Amount, including any Net Swap Payments received from the Swap Counterparty and any interest rate cap proceeds received from the Cap Counterparty

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR of 20%

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 31

Subordinate Schedule of Available Funds and

Supplemental Interest Rate Cap Rates (Cash Cap) ⁽¹⁾⁽²⁾

Period	M-1 Cap (%)	M-2 Cap (%)	M-3 Cap (%)	M-4 Cap (%)	M-5 Cap (%)	M-6 Cap (%)	B-1 Cap (%)	B-2 Cap (%)	B-3 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360
48	14.98	15.62	16.04	16.31	16.48	16.77	17.00	17.00	17.00
49	15.63	16.49	17.05	17.43	17.65	18.05	18.38	18.37	18.37
50	14.91	15.47	15.85	16.10	16.25	16.52	16.74	16.74	16.73
51	15.58	16.36	16.88	17.24	17.44	17.82	18.12	18.12	18.12
52	14.86	15.37	15.71	15.95	16.09	16.34	16.54	16.54	16.54
53	15.04	15.59	15.95	16.21	16.36	16.63	16.85	16.85	16.84
54	15.86	16.65	17.17	17.54	17.76	18.15	18.47	18.47	18.47
55	15.09	15.62	15.97	16.23	16.38	16.65	16.87	16.87	16.87
56	15.80	16.52	17.01	17.36	17.57	17.94	18.25	18.25	18.25
57	14.99	15.47	15.79	16.03	16.17	16.42	16.63	16.63	16.63
58	11.07	11.07	11.07	11.07	11.07	11.07	11.07	11.07	11.07
59	11.83	11.83	11.83	11.83	11.83	11.83	11.83	11.83	11.83
60	11.07	11.07	11.07	11.07	11.07	11.07	11.07	11.07	11.07
61	11.44	11.44	11.44	11.44	11.44	11.44	11.44	11.44	11.44
62	11.06	11.06	11.06	11.06	11.06	11.06	11.06	11.06	11.06
63	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42
64	11.05	11.05	11.05	11.05	11.05	11.05	11.05	11.05	11.05
65	11.04	11.04	11.04	11.04	11.04	11.04	11.04	11.04	11.04
66	11.40	11.40	11.40	11.40	11.40	11.40	11.40	11.40	11.40
67	11.03	11.03	11.03	11.03	11.03	11.03	11.03	11.03	11.03
68	11.39	11.39	11.39	11.39	11.39	11.39	11.39	11.39	11.39
69	11.02	11.02	11.02	11.02	11.02	11.02	11.02	11.02	11.02
70	11.01	11.01	11.01	11.01	11.01	11.01	11.01	11.01	11.01
71	12.18	12.18	12.18	12.18	12.18	12.18	12.18	12.18	12.18
72	11.00	11.00	11.00	11.00	11.00	11.00	11.00	11.00	11.00
73	11.36	11.36	11.36	11.36	11.36	11.36	11.36	11.36	11.36
74	10.99	10.99	10.99	10.99	10.99	10.99	10.99	10.99	10.99
75	11.35	11.35	11.35	11.35	11.35	11.35	11.35	11.35	11.35
76	10.97	10.97	10.97	10.97	10.97	10.97	10.97	10.97	10.97
77	10.97	10.97	10.97	10.97	10.97	10.97	10.97	10.97	10.97
78	11.33	11.33	11.33	11.33	11.33	11.33	11.33	11.33	11.33
79	10.96	10.96	10.96	10.96	10.96	10.96	10.96	10.96	10.96
80	11.31	11.31	11.31	11.31	11.31	11.31	11.31	11.31	11.31
81	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94
82	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94
83	12.10	12.10	12.10	12.10	12.10	12.10	12.10	12.10	12.10
84	10.92	10.92	10.92	10.92	10.92	10.92	10.92	10.92	10.92
85	11.28	11.28	11.28	11.28	11.28	11.28	11.28	11.28	11.28
86	10.91	10.91	10.91	10.91	10.91	10.91	10.91	10.91	10.91
87	11.27	11.27	11.27	11.27	11.27	11.27	11.27	11.27	11.27
88	10.90	10.90	10.90	10.90	10.90	10.90	10.90	10.90	10.90
89	10.89	10.89	10.89	10.89	10.89	10.89	10.89	10.89	10.89
90	11.25	11.25	11.25	11.25	11.25	11.25	11.25	11.25	11.25
91	10.88	10.88	10.88	10.88	10.88	10.88	10.88	10.88	10.88
92	11.23	11.23	11.23	11.23	11.23	11.23	11.23	11.23	11.23
93	10.86	10.86	10.86	10.86	10.86	10.86	10.86	10.86	10.86
94	10.86	10.86	10.86	10.86	10.86	10.86	10.86	10.86	10.86
95	12.01	12.01	12.01	12.01	12.01	12.01	12.01	12.01	12.01

(1) Annualized coupon based on total interest paid to the certificates including Interest Distribution Amount, Interest Carry Forward Amounts, and Basis Risk Carry Forward Amount, including any Net Swap Payments received from the Swap Counterparty and any interest rate cap proceeds received from the Cap Counterparty

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR of 20%

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 32

Subordinate Schedule of Available Funds and

Supplemental Interest Rate Cap Rates (Cash Cap) ⁽¹⁾⁽²⁾

Period	M-1 Cap (%)	M-2 Cap (%)	M-3 Cap (%)	M-4 Cap (%)	M-5 Cap (%)	M-6 Cap (%)	B-1 Cap (%)	B-2 Cap (%)	B-3 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360
96	10.84	10.84	10.84	10.84	10.84	10.84	10.84	10.84	10.84
97	11.20	11.20	11.20	11.20	11.20	11.20	11.20	11.20	11.20
98	10.83	10.83	10.83	10.83	10.83	10.83	10.83	10.83	10.83
99	11.18	11.18	11.18	11.18	11.18	11.18	11.18	11.18	11.18
100	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82
101	10.81	10.81	10.81	10.81	10.81	10.81	10.81	10.81	10.81
102	11.16	11.16	11.16	11.16	11.16	11.16	11.16	11.16	11.16
103	10.80	10.80	10.80	10.80	10.80	10.80	10.80	10.80	10.80
104	11.15	11.15	11.15	11.15	11.15	11.15	11.15	11.15	11.15
105	10.78	10.78	10.78	10.78	10.78	10.78	10.78	10.78	10.78
106	10.78	10.78	10.78	10.78	10.78	10.78	10.78	10.78	10.78
107	11.51	11.51	11.51	11.51	11.51	11.51	11.51	11.51	11.51
108	10.76	10.76	10.76	10.76	10.76	10.76	10.76	10.76	10.76
109	11.12	11.12	11.12	11.12	11.12	11.12	11.12	11.12	11.12
110	10.75	10.75	10.75	10.75	10.75	10.75	10.75	10.75	10.75
111	11.10	11.10	11.10	11.10	11.10	11.10	11.10	11.10	11.10
112	10.74	10.74	10.74	10.74	10.74	10.74	10.74	10.74	10.74
113	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73
114	11.08	11.08	11.08	11.08	11.08	11.08	11.08	11.08	11.08
115	10.72	10.72	10.72	10.72	10.72	10.72	10.72	10.72	10.72
116	11.07	11.07	11.07	11.07	11.07	11.07	11.07	11.07	11.07
117	10.71	10.71	10.71	10.71	10.71	10.71	10.71	10.71	10.71
118	10.70	10.70	10.70	10.70	10.70	10.70	10.70	10.70	10.70
119	11.84	11.84	11.84	11.84	11.84	11.84	11.84	11.84	11.84
120	10.69	10.69	10.69	10.69	10.69	10.69	10.69	10.69	10.69
121	11.04	11.04	11.04	11.04	11.04	11.04	11.04	11.04	11.04
122	10.67	10.67	10.67	10.67	10.67	10.67	10.67	10.67	10.67
123	11.02	11.02	11.02	11.02	11.02	11.02	11.02	11.02	11.02
124	10.66	10.66	10.66	10.66	10.66	10.66	10.66	10.66	10.66
125	10.65	10.65	10.65	10.65	10.65	10.65	10.65	10.65	10.65
126	11.00	11.00	11.00	11.00	11.00	11.00	11.00	11.00	11.00
127	10.64	10.64	10.64	10.64	10.64	10.64	10.64	10.64	—
128	10.99	10.99	10.99	10.99	10.99	10.99	10.99	10.99	—
129	10.63	10.63	10.63	10.63	10.63	10.63	10.63	10.63	—
130	10.62	10.62	10.62	10.62	10.62	10.62	10.62	10.62	—
131	11.75	11.75	11.75	11.75	11.75	11.75	11.75	11.75	—
132	10.61	10.61	10.61	10.61	10.61	10.61	10.61	10.61	—
133	10.96	10.96	10.96	10.96	10.96	10.96	10.96	10.96	—
134	10.60	10.60	10.60	10.60	10.60	10.60	10.60	10.60	—
135	10.94	10.94	10.94	10.94	10.94	10.94	10.94	—	—
136	10.58	10.58	10.58	10.58	10.58	10.58	10.58	—	—
137	10.58	10.58	10.58	10.58	10.58	10.58	10.58	—	—
138	10.92	10.92	10.92	10.92	10.92	10.92	10.92	—	—
139	10.56	10.56	10.56	10.56	10.56	10.56	10.56	—	—
140	10.91	10.91	10.91	10.91	10.91	10.91	10.91	—	—
141	10.55	10.55	10.55	10.55	10.55	10.55	10.55	—	—
142	10.55	10.55	10.55	10.55	10.55	10.55	10.55	—	—
143	11.67	11.67	11.67	11.67	11.67	11.67	—	—	—

(1) Annualized coupon based on total interest paid to the certificates including Interest Distribution Amount, Interest Carry Forward Amounts, and Basis Risk Carry Forward Amount, including any Net Swap Payments received from the Swap Counterparty and any interest rate cap proceeds received from the Cap Counterparty

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR of 20%

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 33

Subordinate Schedule of Available Funds and

Supplemental Interest Rate Cap Rates (Cash Cap) ⁽¹⁾⁽²⁾

Period	M-1 Cap (%)	M-2 Cap (%)	M-3 Cap (%)	M-4 Cap (%)	M-5 Cap (%)	M-6 Cap (%)	B-1 Cap (%)	B-2 Cap (%)	B-3 Cap (%)
	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360	Actual/360
144	10.53	10.53	10.53	10.53	10.53	10.53	—	—	—
145	10.88	10.88	10.88	10.88	10.88	10.88	—	—	—
146	10.52	10.52	10.52	10.52	10.52	10.52	—	—	—
147	10.86	10.86	10.86	10.86	10.86	10.86	—	—	—
148	10.51	10.51	10.51	10.51	10.51	10.51	—	—	—
149	10.50	10.50	10.50	10.50	10.50	—	—	—	—
150	10.85	10.85	10.85	10.85	10.85	—	—	—	—
151	10.49	10.49	10.49	10.49	10.49	—	—	—	—
152	10.83	10.83	10.83	10.83	10.83	—	—	—	—
153	10.48	10.48	10.48	10.48	10.48	—	—	—	—
154	10.47	10.47	10.47	10.47	10.47	—	—	—	—
155	11.19	11.19	11.19	11.19	—	—	—	—	—
156	10.46	10.46	10.46	10.46	—	—	—	—	—
157	10.80	10.80	10.80	10.80	—	—	—	—	—
158	10.45	10.45	10.45	10.45	—	—	—	—	—
159	10.79	10.79	10.79	10.79	—	—	—	—	—
160	10.44	10.44	10.44	—	—	—	—	—	—
161	10.43	10.43	10.43	—	—	—	—	—	—
162	10.77	10.77	10.77	—	—	—	—	—	—
163	10.42	10.42	10.42	—	—	—	—	—	—
164	10.76	10.76	10.76	—	—	—	—	—	—
165	10.41	10.41	—	—	—	—	—	—	—
166	10.40	10.40	—	—	—	—	—	—	—
167	11.51	11.51	—	—	—	—	—	—	—
168	10.39	10.39	—	—	—	—	—	—	—
169	10.73	10.73	—	—	—	—	—	—	—
170	10.38	10.38	—	—	—	—	—	—	—
171	10.72	10.72	—	—	—	—	—	—	—
172	10.36	—	—	—	—	—	—	—	—
173	10.36	—	—	—	—	—	—	—	—
174	10.70	—	—	—	—	—	—	—	—
175	10.35	—	—	—	—	—	—	—	—
176	10.69	—	—	—	—	—	—	—	—
177	10.34	—	—	—	—	—	—	—	—
178	—	—	—	—	—	—	—	—	—

(1) Annualized coupon based on total interest paid to the certificates including Interest Distribution Amount, Interest Carry Forward Amounts, and Basis Risk Carry Forward Amount, including any Net Swap Payments received from the Swap Counterparty and any interest rate cap proceeds received from the Cap Counterparty

(2) Run to maturity assuming 100% PPC, no losses and 1 month LIBOR and 6 month LIBOR of 20%

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 34

Saxon Asset Securities Trust
Mortgage Loan Asset Backed Certificates, Series 2007-2

Interest Rate Swap Schedule

Swap Rate: [4.91%]

Period	Start Accrual	End Accrual	Swap Notional Balance $
1	4/30/2007	5/25/2007	—
2	5/25/2007	6/25/2007	—
3	6/25/2007	7/25/2007	—
4	7/25/2007	8/25/2007	—
5	8/25/2007	9/25/2007	—
6	9/25/2007	10/25/2007	—
7	10/25/2007	11/25/2007	—
8	11/25/2007	12/25/2007	—
9	12/25/2007	1/25/2008	—
10	1/25/2008	2/25/2008	—
11	2/25/2008	3/25/2008	—
12	3/25/2008	4/25/2008	550,925,553.08
13	4/25/2008	5/25/2008	528,961,753.21
14	5/25/2008	6/25/2008	507,471,838.93
15	6/25/2008	7/25/2008	486,632,188.91
16	7/25/2008	8/25/2008	466,575,606.28
17	8/25/2008	9/25/2008	447,351,364.83
18	9/25/2008	10/25/2008	428,927,317.67
19	10/25/2008	11/25/2008	411,269,831.00
20	11/25/2008	12/25/2008	394,346,697.44
21	12/25/2008	1/25/2009	377,763,371.09
22	1/25/2009	2/25/2009	358,309,053.53
23	2/25/2009	3/25/2009	294,661,700.54
24	3/25/2009	4/25/2009	268,874,649.98
25	4/25/2009	5/25/2009	257,560,607.36
26	5/25/2009	6/25/2009	247,226,960.75
27	6/25/2009	7/25/2009	237,119,000.77
28	7/25/2009	8/25/2009	225,525,390.12
29	8/25/2009	9/25/2009	190,444,025.39
30	9/25/2009	10/25/2009	175,546,179.11
31	10/25/2009	11/25/2009	168,399,049.83
32	11/25/2009	12/25/2009	161,596,319.36
33	12/25/2009	1/25/2010	154,591,897.16
34	1/25/2010	2/25/2010	146,157,915.19
35	2/25/2010	3/25/2010	118,179,132.14
36	3/25/2010	4/25/2010	103,926,619.79
37	4/25/2010	5/25/2010	98,978,743.69
38	5/25/2010	6/25/2010	95,194,824.57
39	6/25/2010	7/25/2010	91,335,478.80
40	7/25/2010	8/25/2010	87,040,386.33

41	8/25/2010	9/25/2010	76,478,893.29
42	9/25/2010	10/25/2010	69,788,255.30
43	10/25/2010	11/25/2010	66,765,020.61
44	11/25/2010	12/25/2010	64,347,314.65
45	12/25/2010	1/25/2011	61,945,159.31
46	1/25/2011	2/25/2011	59,439,452.02
47	2/25/2011	3/25/2011	54,927,894.94
48	3/25/2011	4/25/2011	51,715,071.78
49	4/25/2011	5/25/2011	49,732,491.28
50	5/25/2011	6/25/2011	47,993,421.65
51	6/25/2011	7/25/2011	46,314,590.49
52	7/25/2011	8/25/2011	44,693,931.79
53	8/25/2011	9/25/2011	43,129,449.60
54	9/25/2011	10/25/2011	41,619,215.72
55	10/25/2011	11/25/2011	40,161,367.39
56	11/25/2011	12/25/2011	38,754,105.11
57	12/25/2011	1/25/2012	37,395,691.73
58	1/25/2012	2/25/2012	—

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 35

Saxon Asset Securities Trust
Mortgage Loan Asset Backed Certificates, Series 2007-2

Schedule B

Interest Rate Cap Schedule

Cap Strike Rate: 7.20%

Period	Start Accrual	End Accrual	Cap Notional ($)
1	4/30/2007	5/25/2007	828,039,243.66
2	5/25/2007	6/25/2007	799,604,312.93
3	6/25/2007	7/25/2007	771,970,960.01
4	7/25/2007	8/25/2007	745,044,753.33
5	8/25/2007	9/25/2007	718,784,023.63
6	9/25/2007	10/25/2007	693,150,964.90
7	10/25/2007	11/25/2007	668,111,932.93
8	11/25/2007	12/25/2007	643,637,328.92
9	12/25/2007	1/25/2008	619,701,469.99
10	1/25/2008	2/25/2008	596,282,446.16
11	2/25/2008	3/25/2008	573,361,963.53
12	3/25/2008	4/25/2008	—

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

Page 36

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Summary Statistics

Number of Mortgage Loans: 4,257

Aggregate Principal Balance ($): 870,703,726

Weighted Average Current Mortgage Rate (%): 8.273

Non-Zero Weighted Average Margin (%): 6.023

Non-Zero Weighted Average Maximum Rate (%): 14.378

Weighted Average Stated Original Term (months): 357

Weighted Average Stated Remaining Term (months): 355

Weighted Average Combined Original LTV (%): 81.29

% First Liens: 97.58

% Owner Occupied: 94.76

% Purchase: 20.64

% Full Doc: 60.24

Non-Zero Weighted Average Credit Score: 619

Originator

Originator	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
SAXON		4,257		870,703,726		100.00		8.273		355		81.29		619
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Product Type

Product Type	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed—10 Year		5		543,584		0.06		7.302		117		61.27		618
Fixed—15 Year		40		4,918,538		0.56		7.675		177		63.93		629
Fixed—20 Year		34		3,597,713		0.41		8.143		237		73.78		617
Fixed—25 Year		39		7,715,297		0.89		7.438		297		75.51		624
Fixed—30 Year		924		151,248,940		17.37		7.928		358		77.59		626
Fixed—40 Year		45		10,199,088		1.17		7.617		478		79.19		636
Balloon—15/30		110		6,827,928		0.78		11.824		177		99.70		663
Balloon—20/30		222		13,617,785		1.56		11.729		239		99.62		657
Balloon—30/40		138		29,481,243		3.39		7.915		358		80.62		624
Balloon—30/50		91		21,682,170		2.49		7.813		358		79.02		625
ARM—2 Year/6 Month Balloon 30/40		442		105,949,786		12.17		8.445		358		81.34		603
ARM—2 Year/6 Month Balloon 30/50		271		75,707,328		8.69		8.223		358		81.43		611
ARM—3 Year/6 Month Balloon 30/40		192		49,465,215		5.68		8.420		358		86.29		613
ARM—3 Year/6 Month Balloon 30/50		138		38,160,054		4.38		7.904		359		81.48		618
ARM—5 Year/6 Month Balloon 30/40		3		589,547		0.07		7.326		358		61.05		624
ARM—5 Year/6 Month Balloon 30/50		2		1,127,564		0.13		6.202		357		53.49		721
ARM—2 Year/6 Month		698		121,578,643		13.96		8.813		358		80.07		598
ARM—3 Year/6 Month		347		68,935,317		7.92		8.751		358		82.43		605
ARM—5 Year/6 Month		4		907,304		0.10		7.389		358		80.68		680
ARM—2 Year/6 Month—40 Years		12		2,454,481		0.28		8.862		479		77.69		606
ARM—3 Year/6 Month—40 Years		12		2,548,800		0.29		8.259		479		84.01		613
Interest Only Fixed—15 Year—60 mo. IO term		1		180,900		0.02		9.000		178		90.00		596
Interest Only Fixed—30 Year—60 mo. IO term		30		7,911,913		0.91		7.519		359		82.12		639
Interest Only ARM—2 Year/6 Month—60 mo. IO term		213		66,757,821		7.67		7.856		358		82.59		641
Interest Only ARM—3 Year/6 Month—60 mo. IO term		239		77,163,369		8.86		7.610		358		83.72		645
Interest Only ARM—5 Year/6 Month—60 mo. IO term		5		1,433,400		0.16		7.935		360		82.18		642
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Range of Gross Interest Rates (%)

Range of Gross Interest Rates (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
5.000—5.999		27		9,116,452		1.05		5.808		359		76.52		678
6.000—6.999		494		125,439,944		14.41		6.712		358		75.77		651
7.000—7.999		1,181		285,461,875		32.79		7.557		357		79.33		629
8.000—8.999		1,117		236,734,193		27.19		8.504		358		81.76		609
9.000—9.999		739		138,389,232		15.89		9.481		359		84.48		593
10.000—10.999		354		48,898,434		5.62		10.424		347		88.47		588
11.000—11.999		190		17,047,966		1.96		11.487		304		94.11		616
12.000—12.999		141		8,851,163		1.02		12.489		223		98.89		633
13.000—13.999		13		730,091		0.08		13.241		219		99.42		615
14.000—14.999		1		34,376		0.00		14.250		176		100.00		604
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Minimum: 5.550

Maximum: 14.250

Weighted Average: 8.273

Range of Cut-off Date Principal Balances ($)

Range of Cut-off Date Principal Balances ($)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
1—25,000		37		730,764		0.08		11.699		207		99.64		655
25,001—50,000		155		6,187,277		0.71		11.026		247		88.24		637
50,001—75,000		322		20,564,538		2.36		9.777		314		79.67		615
75,001—100,000		454		39,470,255		4.53		9.294		336		81.64		607
100,001—125,000		447		50,503,708		5.80		8.803		352		78.38		610
125,001—150,000		427		58,813,489		6.75		8.724		354		80.56		610
150,001—175,000		366		59,631,531		6.85		8.338		353		78.73		609
175,001—200,000		363		68,229,422		7.84		8.136		353		79.24		614
200,001—225,000		279		59,277,164		6.81		8.142		360		80.13		607
225,001—250,000		216		51,292,621		5.89		8.130		359		81.60		616
250,001—275,000		209		54,869,297		6.30		7.992		358		80.96		618
275,001—300,000		143		41,037,947		4.71		8.015		360		81.51		627
300,001—325,000		136		42,719,811		4.91		8.011		359		81.67		627
325,001—350,000		113		38,188,533		4.39		8.055		361		81.88		617
350,001—375,000		105		38,104,684		4.38		8.029		358		83.21		620
375,001—400,000		93		36,254,197		4.16		7.836		358		80.93		627
400,001—425,000		56		23,161,698		2.66		7.973		358		83.43		621
425,001—450,000		53		23,260,641		2.67		8.274		366		84.07		612
450,001—475,000		50		23,167,018		2.66		7.570		359		81.64		636
475,001—500,000		54		26,421,732		3.03		7.796		357		81.65		641
500,001—750,000		164		96,554,265		11.09		8.103		360		83.83		631
750,001—1,000,000		15		12,263,134		1.41		8.249		358		83.63		651
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Minimum: 13,483

Maximum: 920,000

Average: 204,535

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Stated Original Term (months)

Stated Original Term (months)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
120		5		543,584		0.06		7.302		117		61.27		618
180		151		11,927,365		1.37		10.070		177		84.80		648
240		256		17,215,498		1.98		10.979		238		94.22		648
300		39		7,715,297		0.89		7.438		297		75.51		624
360		3,737		818,099,614		93.96		8.205		358		81.06		618
480		69		15,202,369		1.75		7.926		479		79.75		627
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Minimum: 120

Maximum: 480

Weighted Average: 357

Range of Stated Remaining Terms (months)

Range of Stated Remaining Terms (months)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
109—120		5		543,584		0.06		7.302		117		61.27		618
169—180		151		11,927,365		1.37		10.070		177		84.80		648
205—216		1		81,983		0.01		11.300		212		100.00		608
229—240		255		17,133,515		1.97		10.978		238		94.19		648
265—276		1		48,029		0.01		8.000		272		90.00		0
289—300		39		7,715,297		0.89		7.438		297		75.51		624
337—348		3		362,659		0.04		7.483		344		71.89		616
349—360		3,733		817,688,926		93.91		8.206		358		81.06		618
469—480		69		15,202,369		1.75		7.926		479		79.75		627
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Minimum: 114

Maximum: 480

Weighted Average: 355

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Range of Combined Original LTV Ratios (%)

Range of Combined Original LTV Ratios (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
10.01—15.00		4		285,530		0.03		8.796		356		13.43		632
15.01—20.00		4		414,109		0.05		7.946		385		18.99		650
20.01—25.00		6		546,904		0.06		7.167		338		23.34		621
25.01—30.00		13		1,084,005		0.12		8.193		341		27.74		580
30.01—35.00		13		1,594,160		0.18		8.346		345		32.23		592
35.01—40.00		23		2,572,054		0.30		7.986		362		37.97		599
40.01—45.00		29		4,391,984		0.50		7.801		332		43.26		620
45.01—50.00		72		10,127,191		1.16		7.769		348		47.97		599
50.01—55.00		77		14,120,423		1.62		7.652		351		52.89		608
55.01—60.00		110		18,512,691		2.13		7.641		358		57.72		612
60.01—65.00		195		37,677,374		4.33		8.110		356		63.28		593
65.01—70.00		250		55,632,059		6.39		7.914		355		68.59		604
70.01—75.00		324		69,851,457		8.02		8.037		356		74.01		601
75.01—80.00		1,126		253,189,319		29.08		7.896		358		79.57		625
80.01—85.00		454		100,148,186		11.50		8.275		360		84.27		616
85.01—90.00		648		143,408,524		16.47		8.427		359		89.65		619
90.01—95.00		343		83,548,937		9.60		8.390		359		94.70		632
95.01—100.00		566		73,598,818		8.45		10.113		321		99.95		637
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Minimum: 11.20

Maximum: 100.00

Weighted Average: 81.29

Range of Gross Margins (%)

Range of Gross Margins (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,679		257,925,099		29.62		8.179		344		79.61		629
<= 3.500		11		3,900,388		0.45		6.252		357		71.45		708
3.501—4.000		22		6,323,001		0.73		6.890		357		70.38		656
4.001—4.500		113		29,380,434		3.37		8.177		359		82.95		634
4.501—5.000		69		19,752,187		2.27		7.759		357		81.09		631
5.001—5.500		307		74,144,784		8.52		7.816		359		79.33		614
5.501—6.000		560		129,594,110		14.88		7.892		359		75.32		611
6.001—6.500		878		212,073,587		24.36		8.362		359		81.31		610
6.501—7.000		483		111,729,187		12.83		8.991		360		92.28		620
7.001—7.500		110		19,985,952		2.30		9.801		356		89.20		595
7.501—8.000		20		5,038,585		0.58		9.393		360		84.07		608
8.001—8.500		2		301,012		0.03		9.621		356		80.00		647
8.501—9.000		1		179,900		0.02		10.400		360		100.00		602
9.501—10.000		1		282,000		0.03		11.890		360		100.00		600
>10.000		1		93,500		0.01		11.700		360		85.00		639
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Non-Zero Minimum: 2.550

Maximum: 10.700

Non-Zero Weighted Average: 6.023

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Range of Minimum Mortgage Rates (%)

Range of Minimum Mortgage Rates (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,679		257,925,099		29.62		8.179		344		79.61		629
<=5.000		68		16,146,967		1.85		8.929		361		83.74		615
5.001—5.500		215		56,148,659		6.45		7.665		359		79.87		613
5.501—6.000		392		92,879,807		10.67		7.671		359		72.85		614
6.001—6.500		670		166,337,227		19.10		8.213		360		80.79		612
6.501—7.000		423		105,666,475		12.14		8.694		360		90.83		626
7.001—7.500		90		24,081,003		2.77		7.472		357		79.60		646
7.501—8.000		141		38,837,128		4.46		7.862		359		81.35		627
8.001—8.500		123		27,639,507		3.17		8.347		358		83.33		620
8.501—9.000		126		27,280,243		3.13		8.873		357		83.73		606
9.001—9.500		136		27,778,265		3.19		9.348		359		84.72		594
9.501—10.000		90		15,772,499		1.81		9.774		358		86.14		584
10.001 -10.500		60		8,667,949		1.00		10.363		357		86.49		577
10.501—11.000		37		4,566,677		0.52		10.840		357		85.10		569
11.001—11.500		2		364,687		0.04		11.211		359		83.37		535
11.501—12.000		4		563,507		0.06		11.842		358		98.10		596
12.001—12.500		1		48,029		0.01		8.000		272		90.00		0
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Non-Zero Minimum: 3.750

Maximum: 12.125

Non-Zero Weighted Average: 6.827

Range of Maximum Mortgage Rates (%)

Range of Maximum Mortgage Rates (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,679		257,925,099		29.62		8.179		344		79.61		629
<= 12.500		88		28,415,917		3.26		6.161		359		80.52		669
12.501—13.000		174		48,890,013		5.61		6.961		358		78.19		637
13.001—13.500		286		78,772,917		9.05		7.297		358		80.72		635
13.501—14.000		402		109,395,487		12.56		7.784		359		80.19		623
14.001—14.500		347		87,302,165		10.03		8.258		359		81.83		614
14.501—15.000		383		89,384,995		10.27		8.674		359		81.84		605
15.001—15.500		286		61,010,221		7.01		9.182		360		82.65		599
15.501—16.000		276		55,566,044		6.38		9.645		359		86.02		589
16.001—16.500		165		29,601,840		3.40		10.005		360		87.45		588
16.501—17.000		99		15,097,137		1.73		10.586		359		86.05		573
17.001—17.500		40		5,526,136		0.63		10.794		358		87.55		578
17.501—18.000		25		3,135,455		0.36		11.584		359		92.03		589
18.001—18.500		4		430,918		0.05		12.084		359		84.08		569
18.501—19.000		1		113,401		0.01		11.990		357		100.00		624
19.001—19.500		2		135,982		0.02		10.814		328		83.53		550
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Non-Zero Minimum: 11.550

Maximum: 19.350

Non-Zero Weighted Average: 14.378

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Initial Periodic Cap (%)

Initial Periodic Cap (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,679		257,925,099		29.62		8.179		344		79.61		629
1.000		12		2,452,605		0.28		9.409		359		81.04		597
1.500		3		980,967		0.11		8.706		359		88.12		638
2.000		6		1,031,126		0.12		9.904		359		84.91		605
3.000		2,557		608,313,929		69.86		8.305		359		81.98		615
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Non-Zero Minimum: 1.000

Maximum: 3.000

Non-Zero Weighted Average: 2.988

Subsequent Periodic Cap (%)

Subsequent Periodic Cap (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,679		257,925,099		29.62		8.179		344		79.61		629
1.000		2,565		610,260,531		70.09		8.308		359		81.98		615
1.500		13		2,518,097		0.29		9.561		358		84.70		601
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Non-Zero Minimum: 1.000

Maximum: 1.500

Non-Zero Weighted Average: 1.002

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Months to Next Rate Adjustment

Months to Next Rate Adjustment	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,679		257,925,099		29.62		8.179		344		79.61		629
2		1		48,029		0.01		8.000		272		90.00		0
10		1		117,774		0.01		7.830		346		62.00		594
17		1		101,576		0.01		10.000		353		84.92		568
18		6		1,374,929		0.16		8.381		354		71.26		615
19		37		6,759,527		0.78		8.863		355		79.77		593
20		95		20,254,511		2.33		8.518		357		81.70		611
21		368		82,889,834		9.52		8.231		357		79.84		610
22		474		112,395,720		12.91		8.412		358		81.36		607
23		421		94,800,731		10.89		8.421		361		81.88		611
24		232		53,705,427		6.17		8.617		361		81.62		616
28		1		253,808		0.03		8.800		352		100.00		594
30		8		2,095,861		0.24		9.216		354		96.10		626
31		31		9,411,491		1.08		9.065		355		97.76		634
32		41		10,892,321		1.25		8.586		356		93.20		636
33		110		27,053,153		3.11		8.248		357		82.31		623
34		305		74,633,852		8.57		8.042		358		81.83		620
35		256		66,847,353		7.68		8.040		361		82.14		619
36		176		45,084,916		5.18		8.174		363		83.13		622
57		4		1,468,857		0.17		6.581		357		59.08		696
58		4		1,141,449		0.13		6.822		358		70.94		647
59		2		232,509		0.03		9.704		359		82.65		739
60		4		1,215,000		0.14		7.969		360		82.58		646
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Non-Zero Minimum: 2

Maximum: 60

Non-Zero Weighted Average: 27

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Geographic Distribution of Mortgaged Properties

Geographic Distribution of Mortgaged Properties	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
California		566		184,801,386		21.22		7.914		354		80.42		630
Florida		531		97,868,707		11.24		8.165		356		77.99		615
Maryland		334		84,757,695		9.73		7.799		356		81.54		620
New York		170		55,655,135		6.39		8.078		360		79.05		621
Virginia		199		45,138,892		5.18		8.027		353		82.00		621
Arizona		242		44,576,245		5.12		8.210		354		80.18		611
Washington		119		26,632,252		3.06		8.204		350		81.80		636
Georgia		168		26,278,896		3.02		8.924		359		85.64		613
Illinois		125		25,965,659		2.98		8.941		359		85.30		620
Texas		130		18,650,459		2.14		8.766		347		84.03		616
Pennsylvania		118		17,516,797		2.01		8.298		345		80.86		613
Massachusetts		70		17,421,768		2.00		8.395		355		79.61		617
New Jersey		66		16,872,484		1.94		8.614		354		81.80		619
Oregon		77		15,234,321		1.75		7.954		354		79.13		631
Michigan		127		15,021,072		1.73		9.308		354		85.82		606
Other		1,215		178,311,958		20.48		8.729		354		83.03		610
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Number of States/District of Columbia Represented: 51

Occupancy

Occupancy	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Primary		3,996		825,081,008		94.76		8.242		354		81.50		617
Investment		244		41,798,031		4.80		8.823		357		77.34		648
Second Home		17		3,824,687		0.44		8.942		372		79.32		631
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Property Type

Property Type	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Single Family Residence		3,451		676,698,276		77.72		8.278		355		80.97		617
Planned Unit Development		460		113,621,594		13.05		8.157		353		83.25		623
2-4 Family		152		41,255,399		4.74		8.358		354		78.35		636
Condo		193		39,016,304		4.48		8.440		353		84.14		625
Manufactured Housing		1		112,153		0.01		9.100		355		85.00		579
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Loan Purpose

Loan Purpose	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Refinance—Cashout		2,980		633,471,605		72.75		8.118		356		79.43		614
Purchase		993		179,692,691		20.64		8.863		350		87.70		635
Refinance—Rate Term		284		57,539,430		6.61		8.139		353		81.73		628
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Documentation Level

Documentation Level	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Full Documentation		2,802		524,525,678		60.24		8.144		355		82.17		612
Stated Documentation		1,362		320,730,080		36.84		8.503		354		79.84		630
Limited Documentation		93		25,447,968		2.92		8.032		354		81.23		627
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Credit Score

Credit Score	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
NA		5		651,441		0.07		9.292		352		79.72		0
500—524		136		20,923,313		2.40		9.802		358		72.34		512
525—549		237		41,345,132		4.75		9.248		358		76.54		536
550—574		522		102,723,766		11.80		8.666		358		76.58		561
575—599		656		129,517,478		14.88		8.535		357		80.71		586
600—624		910		187,940,221		21.58		8.278		354		82.02		612
625—649		757		165,284,322		18.98		8.034		356		83.90		637
650—674		548		120,214,395		13.81		7.848		351		83.89		661
675—699		247		48,543,694		5.58		7.736		353		82.15		685
700—724		103		22,320,480		2.56		7.650		349		81.72		710
725—749		86		20,083,287		2.31		7.772		347		83.98		735
750—774		33		7,028,996		0.81		7.827		346		78.65		760
775—799		15		3,803,292		0.44		7.255		368		74.53		785
800 +		2		323,911		0.04		7.625		360		77.61		816
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Non-Zero Minimum: 500

Maximum: 817

Non-Zero Weighted Average: 619

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Aggregate	4,257 records Balance: $870,703,726

Prepayment Penalty Term

Prepayment Penalty Term	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
0		1,347		276,375,234		31.74		8.480		355		82.10		618
12		173		50,474,502		5.80		8.154		358		79.24		623
24		1,216		259,221,066		29.77		8.346		356		81.53		612
30		12		2,518,378		0.29		8.203		358		87.59		618
36		1,508		282,066,518		32.40		8.026		353		80.58		625
60		1		48,029		0.01		8.000		272		90.00		0
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Non-Zero Minimum: 12

Maximum: 60

Non-Zero Weighted Average: 29

Lien Position

Lien Position	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
1st Lien		3,915		849,609,880		97.58		8.187		358		80.83		618
2nd Lien		342		21,093,846		2.42		11.762		221		99.65		659
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

Interest Only Term

Interest Only Term	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
0		3,769		717,256,324		82.38		8.392		354		80.89		614
60		488		153,447,403		17.62		7.717		358		83.14		643
Total:		4,257		870,703,726		100.00		8.273		355		81.29		619

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Group 2	2,904 records Balance: $616,500,506

Summary Statistics

Number of Mortgage Loans: 2,904

Aggregate Principal Balance ($): 616,500,506

Weighted Average Current Mortgage Rate (%): 8.269

Non-Zero Weighted Average Margin (%): 6.038

Non-Zero Weighted Average Maximum Rate (%): 14.378

Weighted Average Stated Original Term (months): 356

Weighted Average Stated Remaining Term (months): 354

Weighted Average Combined Original LTV (%): 80.66

% First Liens: 97.38

% Owner Occupied: 95.65

% Purchase: 26.47

% Full Doc: 54.80

Non-Zero Weighted Average Credit Score: 618

Originator

Originator	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
SAXON		2,904		616,500,506		100.00		8.269		354		80.66		618
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Product Type

Product Type	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed—10 Year		4		468,584		0.08		7.158		117		62.81		610
Fixed—15 Year		31		3,815,947		0.62		7.625		177		63.73		634
Fixed—20 Year		28		2,761,600		0.45		8.279		237		72.97		607
Fixed—25 Year		32		6,342,563		1.03		7.400		297		74.29		620
Fixed—30 Year		635		102,388,963		16.61		7.868		357		75.92		625
Fixed—40 Year		34		7,839,081		1.27		7.675		478		80.60		635
Balloon—15/30		92		5,905,468		0.96		11.802		177		99.72		667
Balloon—20/30		135		9,632,319		1.56		11.739		239		99.53		664
Balloon—30/40		88		18,343,523		2.98		7.990		358		78.49		615
Balloon—30/50		65		15,802,159		2.56		7.812		358		78.86		622
ARM—2 Year/6 Month Balloon 30/40		269		67,229,523		10.91		8.569		358		80.99		598
ARM—2 Year/6 Month Balloon 30/50		173		51,758,888		8.40		8.205		358		80.76		609
ARM—3 Year/6 Month Balloon 30/40		130		36,621,656		5.94		8.416		357		87.31		616
ARM—3 Year/6 Month Balloon 30/50		75		23,392,054		3.79		7.889		358		79.99		614
ARM—5 Year/6 Month Balloon 30/50		2		1,127,564		0.18		6.202		357		53.49		721
ARM—2 Year/6 Month		465		84,794,666		13.75		8.821		360		79.01		595
ARM—3 Year/6 Month		236		46,593,891		7.56		8.713		362		81.63		609
ARM—5 Year/6 Month		1		139,911		0.02		8.250		359		74.47		815
Interest Only Fixed—15 Year—60 mo. IO term		1		180,900		0.03		9.000		178		90.00		596
Interest Only Fixed—30 Year—60 mo. IO term		30		7,911,913		1.28		7.519		359		82.12		639
Interest Only ARM—2 Year/6 Month—60 mo. IO term		177		57,649,609		9.35		7.860		358		82.23		638
Interest Only ARM—3 Year/6 Month—60 mo. IO term		198		65,048,325		10.55		7.694		358		83.22		638
Interest Only ARM—5 Year/6 Month—60 mo. IO term		3		751,400		0.12		8.807		359		77.34		621
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Group 2	2,904 records Balance: $616,500,506

Range of Gross Interest Rates (%)

Range of Gross Interest Rates (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
5.000—5.999		19		7,061,810		1.15		5.799		360		76.40		677
6.000—6.999		336		86,066,953		13.96		6.722		358		75.65		650
7.000—7.999		832		206,752,680		33.54		7.552		356		78.77		627
8.000—8.999		759		167,018,091		27.09		8.498		358		80.60		607
9.000—9.999		496		97,194,404		15.77		9.490		359		84.28		593
10.000—10.999		220		32,461,544		5.27		10.420		345		87.38		586
11.000—11.999		136		12,651,489		2.05		11.495		297		93.37		623
12.000—12.999		92		6,529,068		1.06		12.446		222		98.58		639
13.000—13.999		13		730,091		0.12		13.241		219		99.42		615
14.000—14.999		1		34,376		0.01		14.250		176		100.00		604
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Minimum: 5.700

Maximum: 14.250

Weighted Average: 8.269

Range of Cut-off Date Principal Balances ($)

Range of Cut-off Date Principal Balances ($)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
1—25,000		23		460,893		0.07		11.767		202		99.73		662
25,001—50,000		104		4,217,630		0.68		10.829		248		84.43		636
50,001—75,000		223		14,352,752		2.33		9.562		318		75.88		613
75,001—100,000		328		28,526,375		4.63		9.335		331		80.88		603
100,001—125,000		323		36,546,239		5.93		8.810		349		77.67		609
125,001—150,000		275		37,906,516		6.15		8.649		350		78.48		610
150,001—175,000		236		38,339,328		6.22		8.282		354		76.48		608
175,001—200,000		256		48,304,528		7.84		8.056		351		78.05		616
200,001—225,000		169		35,860,407		5.82		8.165		359		79.10		600
225,001—250,000		132		31,338,896		5.08		8.148		359		80.97		613
250,001—275,000		121		31,738,460		5.15		7.973		359		79.14		615
275,001—300,000		83		23,873,226		3.87		8.070		358		80.17		624
300,001—325,000		81		25,418,171		4.12		8.065		356		81.69		626
325,001—350,000		66		22,304,426		3.62		8.110		362		80.76		609
350,001—375,000		71		25,713,543		4.17		8.216		358		83.29		618
375,001—400,000		46		17,912,779		2.91		8.004		357		80.85		617
400,001—425,000		43		17,822,748		2.89		8.003		358		82.35		618
425,001—450,000		50		21,941,470		3.56		8.244		367		84.33		610
450,001—475,000		47		21,774,997		3.53		7.551		359		82.48		635
475,001—500,000		51		24,928,548		4.04		7.787		357		81.78		639
500,001—750,000		161		94,955,440		15.40		8.098		360		83.93		631
750,001—1,000,000		15		12,263,134		1.99		8.249		358		83.63		651
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Minimum: 13,983

Maximum: 920,000

Average: 212,294

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02	MORGAN STANLEY
Termsheet Group 2	2,904 records Balance: $616,500,506

Stated Original Term (months)

Stated Original Term (months)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
120		4		468,584		0.08		7.158		117		62.81		610
180		124		9,902,315		1.61		10.141		177		85.67		653
240		163		12,393,919		2.01		10.968		238		93.61		651
300		32		6,342,563		1.03		7.400		297		74.29		620
360		2,534		576,494,116		93.51		8.197		358		80.39		617
480		47		10,899,008		1.77		7.873		478		80.55		631
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Minimum: 120

Maximum: 480

Weighted Average: 356

Range of Stated Remaining Terms (months)

Range of Stated Remaining Terms (months)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
109—120		4		468,584		0.08		7.158		117		62.81		610
169—180		124		9,902,315		1.61		10.141		177		85.67		653
205—216		1		81,983		0.01		11.300		212		100.00		608
229—240		162		12,311,936		2.00		10.966		238		93.57		651
265—276		1		48,029		0.01		8.000		272		90.00		0
289—300		32		6,342,563		1.03		7.400		297		74.29		620
337—348		3		362,659		0.06		7.483		344		71.89		616
349—360		2,530		576,083,429		93.44		8.197		358		80.39		617
469—480		47		10,899,008		1.77		7.873		478		80.55		631
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Minimum: 114

Maximum: 480

Weighted Average: 354

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02 Termsheet Group 2 MORGAN STANLEY 2,904 records Balance: $616,500,506

Range of Combined Original LTV Ratios (%)

Range of Combined Original LTV Ratios (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
10.01—15.00		3		160,559		0.03		9.221		355		12.51		616
15.01—20.00		4		414,109		0.07		7.946		385		18.99		650
20.01—25.00		3		233,010		0.04		7.198		310		23.19		622
25.01—30.00		11		949,835		0.15		8.081		348		27.87		579
30.01—35.00		10		979,893		0.16		8.894		336		32.38		605
35.01—40.00		19		2,024,688		0.33		8.142		350		37.87		606
40.01—45.00		20		2,878,374		0.47		7.927		318		43.24		614
45.01—50.00		54		6,835,819		1.11		8.074		348		48.01		590
50.01—55.00		55		9,955,929		1.61		7.655		354		52.83		609
55.01—60.00		81		13,252,965		2.15		7.712		359		57.77		608
60.01—65.00		149		28,139,874		4.56		8.109		354		63.36		590
65.01—70.00		193		43,179,082		7.00		7.932		355		68.59		602
70.01—75.00		228		50,642,719		8.21		8.017		356		73.91		600
75.01—80.00		848		194,823,621		31.60		7.906		357		79.59		626
80.01—85.00		323		73,053,629		11.85		8.223		361		84.20		614
85.01—90.00		424		98,874,678		16.04		8.389		359		89.67		619
90.01—95.00		106		35,194,265		5.71		8.582		360		94.73		630
95.01—100.00		373		54,907,457		8.91		10.068		319		99.98		639
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Minimum: 11.20

Maximum: 100.00

Weighted Average: 80.66

Range of Gross Margins (%)

Range of Gross Margins (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,175		181,393,020		29.42		8.169		342		78.56		628
<= 3.500		6		2,654,403		0.43		6.067		357		73.00		721
3.501—4.000		7		3,120,627		0.51		6.902		357		72.95		676
4.001—4.500		64		19,147,480		3.11		8.041		358		82.36		638
4.501—5.000		42		13,944,391		2.26		7.774		357		81.78		638
5.001—5.500		206		50,281,152		8.16		7.811		359		78.23		614
5.501—6.000		403		95,844,117		15.55		7.887		359		75.58		611
6.001—6.500		634		161,842,024		26.25		8.337		359		80.89		608
6.501—7.000		263		67,309,091		10.92		9.110		361		92.19		617
7.001—7.500		83		16,000,463		2.60		9.785		356		90.22		600
7.501—8.000		16		4,107,328		0.67		9.460		357		83.98		606
8.001—8.500		2		301,012		0.05		9.621		356		80.00		647
8.501—9.000		1		179,900		0.03		10.400		360		100.00		602
9.501—10.000		1		282,000		0.05		11.890		360		100.00		600
>10.000		1		93,500		0.02		11.700		360		85.00		639
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Non-Zero Minimum: 2.700

Maximum: 10.700

Non-Zero Weighted Average: 6.038

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02 Termsheet Group 2 MORGAN STANLEY 2,904 records Balance: $616,500,506

Range of Minimum Mortgage Rates (%)

Range of Minimum Mortgage Rates (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,175		181,393,020		29.42		8.169		342		78.56		628
<=5.000		35		9,253,277		1.50		8.858		360		82.88		610
5.001—5.500		142		37,538,894		6.09		7.659		359		78.39		610
5.501—6.000		283		68,753,978		11.15		7.686		359		73.05		612
6.001—6.500		484		125,682,997		20.39		8.196		359		80.63		610
6.501—7.000		227		64,324,888		10.43		8.782		360		90.47		626
7.001—7.500		59		17,115,049		2.78		7.482		357		80.74		652
7.501—8.000		97		29,109,148		4.72		7.865		359		81.88		630
8.001—8.500		85		19,757,236		3.20		8.343		358		82.86		624
8.501—9.000		93		21,630,550		3.51		8.855		357		83.67		607
9.001—9.500		93		20,851,335		3.38		9.347		358		84.61		593
9.501—10.000		60		11,139,014		1.81		9.777		357		86.81		590
10.001 -10.500		36		5,512,665		0.89		10.358		357		84.16		574
10.501—11.000		30		3,630,339		0.59		10.864		357		85.85		574
11.001—11.500		2		364,687		0.06		11.211		359		83.37		535
11.501—12.000		2		395,401		0.06		11.919		359		100.00		607
12.001—12.500		1		48,029		0.01		8.000		272		90.00		0
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Non-Zero Minimum: 4.500

Maximum: 12.125

Non-Zero Weighted Average: 6.856

Range of Maximum Mortgage Rates (%)

Range of Maximum Mortgage Rates (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,175		181,393,020		29.42		8.169		342		78.56		628
<= 12.500		56		19,459,005		3.16		6.122		359		80.12		668
12.501—13.000		106		32,147,507		5.21		6.958		358		77.63		634
13.001—13.500		194		57,588,242		9.34		7.309		358		80.70		635
13.501—14.000		276		79,741,130		12.93		7.778		359		79.85		621
14.001—14.500		243		64,044,930		10.39		8.261		359		81.06		613
14.501—15.000		246		61,054,478		9.90		8.666		359		81.34		605
15.001—15.500		192		42,725,792		6.93		9.190		360		82.18		598
15.501—16.000		194		40,341,076		6.54		9.629		359		86.18		590
16.001—16.500		112		21,605,345		3.50		9.974		358		86.43		588
16.501—17.000		66		10,446,800		1.69		10.572		358		84.35		572
17.001—17.500		19		2,895,105		0.47		10.769		358		81.67		573
17.501—18.000		18		2,377,775		0.39		11.561		359		92.46		594
18.001—18.500		4		430,918		0.07		12.084		359		84.08		569
18.501—19.000		1		113,401		0.02		11.990		357		100.00		624
19.001—19.500		2		135,982		0.02		10.814		328		83.53		550
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Non-Zero Minimum: 11.700

Maximum: 19.350

Non-Zero Weighted Average: 14.378

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02 Termsheet Group 2 MORGAN STANLEY 2,904 records Balance: $616,500,506

Initial Periodic Cap (%)

Initial Periodic Cap (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,175		181,393,020		29.42		8.169		342		78.56		628
1.000		8		1,624,886		0.26		9.329		358		79.89		604
2.000		5		915,210		0.15		9.767		359		82.99		609
3.000		1,716		432,567,390		70.16		8.303		359		81.54		614
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Non-Zero Minimum: 1.000

Maximum: 3.000

Non-Zero Weighted Average: 2.990

Subsequent Periodic Cap (%)

Subsequent Periodic Cap (%)	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,175		181,393,020		29.42		8.169		342		78.56		628
1.000		1,721		434,001,042		70.40		8.305		359		81.54		614
1.500		8		1,106,444		0.18		10.364		357		82.95		589
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Non-Zero Minimum: 1.000

Maximum: 1.500

Non-Zero Weighted Average: 1.001

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02 Termsheet Group 2 MORGAN STANLEY 2,904 records Balance: $616,500,506

Months to Next Rate Adjustment

Months to Next Rate Adjustment	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Fixed Rate Loans		1,175		181,393,020		29.42		8.169		342		78.56		628
2		1		48,029		0.01		8.000		272		90.00		0
10		1		117,774		0.02		7.830		346		62.00		594
17		1		101,576		0.02		10.000		353		84.92		568
18		5		1,125,144		0.18		8.532		354		70.15		620
19		22		4,350,513		0.71		8.954		355		79.86		585
20		59		14,468,431		2.35		8.342		356		81.13		621
21		234		57,562,164		9.34		8.265		357		79.57		611
22		390		93,567,375		15.18		8.420		358		80.83		604
23		254		61,034,785		9.90		8.403		361		81.27		609
24		117		29,056,894		4.71		8.735		362		80.57		609
28		1		253,808		0.04		8.800		352		100.00		594
30		8		2,095,861		0.34		9.216		354		96.10		626
31		30		9,252,199		1.50		9.077		355		97.72		633
32		39		10,460,609		1.70		8.580		356		93.29		637
33		91		22,922,892		3.72		8.286		357		81.77		622
34		248		61,015,336		9.90		7.954		359		80.89		620
35		153		44,521,728		7.22		8.090		362		81.18		618
36		69		21,133,494		3.43		7.971		362		82.99		627
57		3		1,345,964		0.22		6.453		357		57.79		705
59		1		139,911		0.02		8.250		359		74.47		815
60		2		533,000		0.09		9.240		360		76.25		622
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Non-Zero Minimum: 2

Maximum: 60

Non-Zero Weighted Average: 27

Geographic Distribution of Mortgaged Properties

Geographic Distribution of Mortgaged Properties	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
California		365		130,449,138		21.16		8.037		353		82.27		630
Florida		413		75,296,995		12.21		8.123		355		76.98		616
Maryland		224		60,355,767		9.79		7.801		356		80.07		617
New York		129		43,442,450		7.05		8.055		360		79.54		622
Virginia		145		34,411,330		5.58		8.065		352		81.56		620
Arizona		183		33,780,289		5.48		8.230		355		79.31		607
Washington		82		19,496,840		3.16		8.248		349		81.15		638
Georgia		101		16,372,877		2.66		8.853		359		84.62		613
Texas		104		15,387,695		2.50		8.706		345		82.22		614
Illinois		68		14,934,610		2.42		8.862		361		84.18		623
Pennsylvania		82		12,361,613		2.01		8.254		345		78.60		613
New Jersey		43		11,833,818		1.92		8.621		350		80.57		620
Oregon		60		11,677,803		1.89		7.925		355		78.56		636
Massachusetts		46		11,133,404		1.81		8.632		354		79.09		609
Nevada		41		10,006,261		1.62		7.884		348		81.46		633
Other		818		115,559,616		18.74		8.806		354		81.32		604
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Number of States/District of Columbia Represented: 51

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02 Termsheet Group 2 MORGAN STANLEY 2,904 records Balance: $616,500,506

Occupancy

Occupancy	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Primary		2,757		589,711,467		95.65		8.246		354		80.85		617
Investment		134		23,862,634		3.87		8.791		358		76.69		647
Second Home		13		2,926,405		0.47		8.602		376		75.62		628
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Property Type

Property Type	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Single Family Residence		2,358		478,165,087		77.56		8.274		354		80.05		616
Planned Unit Development		324		85,547,479		13.88		8.136		353		82.95		625
Condo		125		26,880,141		4.36		8.457		353		84.88		621
2-4 Family		96		25,795,646		4.18		8.422		352		79.92		633
Manufactured Housing		1		112,153		0.02		9.100		355		85.00		579
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Loan Purpose

Loan Purpose	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Refinance—Cashout		1,882		417,129,014		67.66		8.076		356		78.12		611
Purchase		857		163,205,692		26.47		8.810		349		87.45		635
Refinance—Rate Term		165		36,165,801		5.87		8.043		352		79.33		628
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Documentation Level

Documentation Level	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
Full Documentation		1,740		337,822,272		54.80		8.075		355		81.41		611
Stated Documentation		1,103		261,156,646		42.36		8.546		352		79.66		625
Limited Documentation		61		17,521,588		2.84		7.865		354		81.08		636
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02 Termsheet Group 2 MORGAN STANLEY 2,904 records Balance: $616,500,506

Credit Score

Credit Score	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
NA		5		651,441		0.11		9.292		352		79.72		0
500—524		95		13,647,952		2.21		9.905		358		71.30		512
525—549		164		28,275,789		4.59		9.289		357		76.09		536
550—574		383		75,970,048		12.32		8.653		358		75.78		561
575—599		491		101,552,122		16.47		8.470		356		79.53		586
600—624		610		134,902,660		21.88		8.219		353		81.69		612
625—649		465		107,255,505		17.40		8.012		356		83.49		637
650—674		351		80,743,254		13.10		7.896		349		83.86		661
675—699		179		36,375,069		5.90		7.718		350		81.59		685
700—724		67		15,116,434		2.45		7.704		350		80.60		709
725—749		57		13,565,377		2.20		7.995		343		83.31		735
750—774		26		5,841,761		0.95		7.882		342		79.46		759
775—799		10		2,463,183		0.40		7.182		372		73.32		785
800 +		1		139,911		0.02		8.250		359		74.47		815
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Non-Zero Minimum: 500

Maximum: 815

Non-Zero Weighted Average: 618

Prepayment Penalty Term

Prepayment Penalty Term	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
0		900		195,811,092		31.76		8.444		354		80.80		617
12		125		38,335,924		6.22		8.143		358		79.57		625
24		821		181,862,428		29.50		8.365		355		81.16		610
30		6		1,197,401		0.19		7.864		358		79.89		603
36		1,051		199,245,632		32.32		8.035		352		80.29		625
60		1		48,029		0.01		8.000		272		90.00		0
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

Non-Zero Minimum: 12

Maximum: 60

Non-Zero Weighted Average: 29

Lien Position

Lien Position	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
1st Lien		2,668		600,329,545		97.38		8.175		358		80.15		617
2nd Lien		236		16,170,961		2.62		11.767		219		99.61		664
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

SAST 2007-02 Termsheet Group 2 MORGAN STANLEY 2,904 records Balance: $616,500,506

Interest Only Term

Interest Only Term	Number of Mortgage Loans		Aggregate Cut-off Date Principal Balance ($)		% of Mortgage Pool by Aggregate Cut-off Date Principal Balance		Weighted Average Gross Interest Rate (%)		Weighted Average Remaining Term (months)		Weighted Average Combined Original LTV		Weighted Average FICO Score
0		2,495		484,958,359		78.66		8.406		353		80.11		613
60		409		131,542,147		21.34		7.764		358		82.69		638
Total:		2,904		616,500,506		100.00		8.269		354		80.66		618

This material was not prepared by the Morgan Stanley research department. Please refer to important information and qualifications at the end of this material.

TERM SHEET DISCLAIMER

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Options are not for everyone. Before purchasing or writing options, investors should understand the nature and extent of their rights and obligations and be aware of the risks involved, including the risks pertaining to the business and financial condition of the issuer and the security/instrument. A secondary market may not exist for these securities. For Morgan Stanley customers who are purchasing or writing exchange-traded options, please review the publication ‘Characteristics and Risks of Standardized Options,’ which is available from your account representative.

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